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1、2-1Chapter 2The Business,Tax,The Business,Tax,and Financial and Financial EnvironmentsEnvironments Pearson Education Limited 2004Fundamentals of Financial Management,12/eCreated by:Gregory A.Kuhlemeyer,Ph.D.Carroll College,Waukesha,WI杰杰醛醛狐狐要要崖崖冀冀滦滦嚣嚣柒柒沪沪蕾蕾畏畏鹰鹰头头臂臂籍籍溯溯陛陛忿忿札札听听篮篮样样癸癸陪陪袋袋廉廉叉叉衣衣范范冠冠驳驳精精
2、品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-2After studying Chapter 2,you should be able to:1.Describe the four basic forms of business organization in the United States-and the advantages and disadvantages of each.2.Understand how to calculate a corporations taxable income and
3、how to determine the corporate tax rate-both average and marginal.3.Understand various methods of depreciation.4.Understand why acquiring assets through the use of debt financing offers a tax advantage over both common and preferred stock financing.5.Describe the purpose and make up of financial mar
4、kets.6.Demonstrate an understanding of how letter ratings of the major rating agencies help you to judge a securitys default risk.7.Understand what is meant by the term“term structure of interest rates”and relate it to a“yield curve.”膊膊深深茂茂析析霞霞厩厩肺肺利利絮絮丝丝睦睦逃逃羌羌物物箩箩为为圆圆皋皋计计酒酒植植樊樊陷陷排排侄侄揽揽早早啼啼茅茅共共亏亏漏漏精精
5、品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-3The Business,Tax,and Financial EnvironmentsuThe Business EnvironmentuThe Tax EnvironmentuThe Financial Environment殴殴谩谩虹虹汕汕偶偶究究嫡嫡网网湍湍佣佣簧簧侗侗孟孟兜兜栋栋埃埃桐桐扔扔队队创创渠渠羡羡灸灸气气骄骄痢痢倍倍歇歇晨晨砰砰巧巧耗耗精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tent
6、h Edition2-4The Business EnvironmentuSole ProprietorshipsuPartnerships(general and limited)uCorporationsuLimited liability companiesThe U.S.has four basic forms of business organization:涣涣钎钎盏盏系系亨亨苫苫稍稍溪溪苑苑羽羽威威孜孜谎谎骂骂傲傲莎莎颓颓剑剑涎涎赚赚哦哦文文怯怯掠掠娜娜牙牙徘徘杉杉鲸鲸先先晰晰个个精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowic
7、z Tenth Edition2-5The Business EnvironmentuOldest form of business organization.uuBusiness income is accounted for on your personal income tax form.Sole Proprietorship-A business form for which there is one owner.This single owner has unlimited liability for all debts of the firm.蔽蔽哦哦搁搁计计圭圭枷枷冠冠真真谗谗甲
8、甲募募壤壤违违殊殊椭椭局局梆梆僵僵岸岸肩肩呈呈畴畴朝朝辩辩钉钉攫攫售售黎黎映映炉炉篡篡枢枢精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-6Summary for Sole ProprietorshipAdvantagesuSimplicityuLow setup costuQuick setupuSingle tax filing on individual formDisadvantagesuUnlimited liabilityuHard to raise additional capitaluTran
9、sfer of ownership difficulties跨跨闷闷伙伙惋惋窃窃忙忙讽讽冠冠镑镑陪陪秆秆云云林林胳胳伟伟释释先先懒懒宿宿戮戮家家邯邯盗盗僻僻竹竹恫恫锄锄买买穴穴咒咒慎慎橙橙精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-7The Business EnvironmentuuBusiness income is accounted for on each partners personal income tax form.Partnership-A business form in which
10、two or more individuals act as owners.印印宏宏栗栗章章碌碌酷酷喉喉躬躬爱爱氧氧巴巴匡匡钟钟呢呢嚏嚏似似令令腑腑碴碴失失噪噪万万崎崎娶娶疡疡掏掏膊膊郎郎仁仁畜畜苛苛殊殊精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-8Types of PartnershipsLimited Partnership -limited partners have liability limited to their capital contribution(investors only).At
11、 least one general partner is required and all general partners have unlimited liability.General Partnership -all partners have unlimited liability and are liable for all obligations of the partnership.毗毗故故全全倍倍藐藐状状鸵鸵撼撼障障勿勿钡钡脊脊狸狸能能珠珠俗俗丹丹街街虐虐冷冷淹淹谆谆覆覆拴拴粉粉拄拄庆庆删删她她邦邦瞧瞧轰轰精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Va
12、n Horne/Wachowicz Tenth Edition2-9Summary for PartnershipAdvantagesAdvantagesuCan be simpleuLow setup cost,higher than sole proprietorshipuRelatively quick setupuLimited liability for limited partnersDisadvantagesDisadvantagesuUnlimited liability for the general partneruDifficult to raise additional
13、 capital,but easier than sole proprietorshipuTransfer of ownership difficulties雌雌炽炽封封疏疏长长爸爸梗梗捕捕橙橙吕吕须须拙拙竣竣釉釉地地瞪瞪腹腹缝缝待待油油植植性性熄熄侈侈噪噪桶桶征征咏咏犁犁急急鞋鞋认认精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-10The Business EnvironmentuAn artificial entity that can own assets and incur liabilities.
14、uuBusiness income is accounted for on the income tax form of the corporation.Corporation-A business form legally separate from its owners.载载军军迅迅椽椽狞狞寇寇咨咨啪啪辗辗嚷嚷饮饮没没爵爵缆缆叔叔曙曙凭凭沙沙酞酞羞羞受受甥甥殴殴贱贱浮浮拐拐墓墓生生敞敞鳃鳃议议岭岭精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-11Summary for CorporationAdvant
15、agesuLimited liabilityuEasy transfer of ownershipuUnlimited lifeuEasier to raise large quantities of capitalDisadvantagesuDouble taxationuMore difficult to establish uMore expensive to set up and maintain荚荚侧侧新新秋秋龙龙硕硕家家瞳瞳扑扑多多毛毛骄骄酸酸耻耻尿尿絮絮葛葛省省奋奋雕雕榔榔翟翟魄魄芍芍较较科科辱辱汲汲哥哥赚赚蝴蝴秸秸精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02
16、Van Horne/Wachowicz Tenth Edition2-12The Business EnvironmentuuBusiness income is accounted for on each“members”individual income tax form.Limited Liability Companies-A business form that provides its owners(called“members”)with corporate-style limited personal liability and the federal-tax treatmen
17、t of a partnership.惦惦巴巴益益曾曾浇浇邯邯株株秃秃惨惨肌肌萌萌皇皇磐磐鲜鲜绳绳鞘鞘沧沧狸狸刊刊特特鞘鞘簿簿贸贸干干板板插插世世层层淖淖掌掌滞滞豢豢精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-13Limited Liability Company(LLC)uLimited liabilityuCentralized managementuUnlimited lifeuTransfer of ownership without other owners prior consentGener
18、ally,an LLC will possess only the first two of the following four standard corporation characteristics填填逼逼菌菌吁吁袖袖昆昆军军至至郝郝丽丽镇镇襄襄匿匿喉喉菇菇色色垫垫冗冗俄俄拨拨野野赠赠寓寓居居茸茸地地才才匡匡本本虞虞甩甩恃恃精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-14Summary for LLCAdvantagesAdvantagesuLimited liabilityuEliminates
19、double taxationuNo restriction on number or type of ownersuEasier to raise additional capitalDisadvantagesDisadvantagesuLimited life(generally)uTransfer of ownership difficulties(generally)尘尘在在炯炯飞飞幻幻茶茶逐逐形形惧惧份份顶顶茶茶介介绅绅陨陨侩侩门门屹屹寸寸防防裤裤坚坚捷捷映映们们机机遥遥兢兢寒寒贺贺柿柿鸟鸟精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wacho
20、wicz Tenth Edition2-15Corporate Income Taxes赘赘褐褐状状沮沮乞乞顾顾兔兔零零由由窖窖等等仗仗憋憋军军米米师师杆杆抬抬烤烤富富编编俊俊霄霄惑惑陶陶潭潭座座陶陶届届暖暖移移迭迭精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-16Income Tax ExampleLisa Miller of Basket Wonders(BW)is calculating the income tax liability,marginal tax rate,and average ta
21、x rate for the fiscal year ending December 31.BWs corporate taxable income for this fiscal year was$250,000.凡凡够够拭拭阶阶甫甫猛猛兵兵虱虱磐磐瑚瑚沂沂泊泊彤彤妥妥夕夕累累湃湃匈匈盛盛噶噶弓弓谤谤姆姆徘徘蹬蹬绕绕荡荡寸寸丹丹乓乓社社席席精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-17Income Tax ExampleMarginal tax rate=39%Average tax rate =$8
22、0,750/$250,000=32.3%Income tax liability =$22,250+.39 x($250,000-$100,000)=$22,250+$58,500 =$80,750神神遮遮揣揣醚醚忽忽随随连连绦绦壤壤疗疗粒粒美美鸡鸡论论冕冕涛涛金金驾驾荐荐沪沪冤冤捣捣拿拿肌肌剑剑约约寂寂腾腾控控姬姬邱邱弊弊精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-18DepreciationuGenerally,profitable firms prefer to use an accelerated
23、 method for tax reporting purposes.Depreciation represents the systematic allocation of the cost of a capital asset over a period of time for financial reporting purposes,tax purposes,or both.反反孔孔笑笑糕糕迸迸寐寐痈痈样样屯屯凰凰稳稳符符碘碘恒恒鹊鹊娄娄舱舱苯苯宙宙坊坊械械忽忽月月汰汰温温江江曝曝需需鄙鄙连连舷舷愁愁精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wa
24、chowicz Tenth Edition2-19Common Types of Depreciationu Straight-line(SL)u Accelerated TypesuDouble Declining Balance(DDB)uModified Accelerated Cost Recovery System(MACRS)丈丈焕焕秆秆筑筑虎虎稍稍逗逗碴碴篆篆崭崭涌涌锰锰位位挥挥沪沪每每瞪瞪资资材材辗辗坷坷颜颜止止晴晴窟窟递递棚棚遮遮诊诊趋趋故故潭潭精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2
25、-20Depreciation ExampleLisa Miller of Basket Wonders(BW)is calculating the depreciation on a machine with a depreciable basis of$100,000,a 6-year useful life,and a 5-year property class life.She calculates the annual depreciation charges using MACRS.Note ignore“bonus”depreciation discussed in 2-25募募
26、梨梨回回唾唾搞搞艺艺螟螟孟孟艘艘盾盾责责霞霞妹妹诺诺稀稀谤谤融融边边疡疡码码赵赵溜溜帜帜础础僵僵逛逛花花监监沫沫锅锅残残洗洗精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-21MACRS ExampleuAssets are depreciated based on one of eight different property classes.uGenerally,the half-year convention is used.uDepreciation in any particular year is
27、 the maximum of DDB or straight-line.A switch in depreciation methods is made from DDB to SL during the life of the asset.眺眺镇镇灶灶曙曙裁裁寺寺历历极极挂挂鱼鱼匣匣视视宦宦躲躲扔扔蜕蜕味味单单粮粮囱囱疗疗慎慎葵葵赫赫协协擞擞嫂嫂寥寥号号圃圃戍戍褂褂精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-22MACRS Example晒晒缺缺泄泄漱漱烂烂耗耗社社独独池池油油掖掖线线袖袖夕夕苏苏严严
28、东东画画京京驼驼箩箩垂垂啸啸闲闲苟苟篓篓茶茶巳巳馒馒惊惊纶纶捡捡精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-23MACRS Schedule砰砰敢敢拢拢座座牙牙氨氨秤秤谚谚栈栈兴兴磋磋燎燎硫硫噬噬梯梯仇仇靖靖庭庭压压驳驳核核逛逛涡涡进进弛弛侗侗像像舞舞检检池池菊菊淮淮精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-24Jobs and Growth Tax Relief Reconciliation Act of 200
29、3Increase&Extension of Bonus DepreciationIncrease&Extension of Bonus Depreciation Increases a limited and additional temporary depreciation deduction of 50%in the first year-subject to stipulations.Designed to enhance capital investment by businesses.汞汞巷巷想想锗锗官官篙篙佩佩束束沛沛将将脉脉惭惭命命停停短短意意罚罚仑仑滔滔导导讼讼粘粘诗诗关关动
30、动臂臂副副屠屠椿椿巾巾蝉蝉瞄瞄精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-25Jobs and Growth Tax Relief Reconciliation Act of 2003Increase&Extension of Bonus DepreciationIncrease&Extension of Bonus Depreciation ExampleExample:$200,000 machine under 5-year MACRS property class.Bonus=50%of$200K
31、=$100K.Remaining$100K($200K-$100K bonus)at 20%rate based on MACRS is$20K.Result is$120K($100K+$20K)depreciation charge in the first year.Set to expire soon,so will ignore in subsequent problems(note ignored in slide 2-20)托托滦滦害害弗弗去去咙咙竹竹夷夷彤彤尧尧婪婪谩谩画画萌萌稻稻龟龟氨氨炉炉慑慑僵僵政政鞍鞍烷烷靖靖聋聋橱橱蔽蔽拘拘巴巴脯脯齐齐曰曰精精品品课课程程财财务务管管理
32、理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-26Other Tax IssuesQuarterly Tax Payments require corporations to pay 25%of their estimated annual tax liability on the 15th of April,June,September,and December.Alternative Minimum Tax is a special tax which equals 20%of alternative minimum taxable
33、 income(generally not equal to taxable income).Corporations pay the maximum of AMT or regular tax liability.修修蛛蛛棱棱廷廷嘘嘘橙橙妇妇貉貉畏畏妆妆咕咕脱脱喧喧当当某某漠漠冲冲僵僵现现焰焰恭恭掣掣盔盔烩烩搞搞究究绣绣毙毙运运咨咨普普内内精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-27Interest DeductibilityInterest Expense is the interest paid
34、 on outstanding debt and is tax deductible.Cash Dividend is the cash distribution of earnings to shareholders and is not a tax deductible expense.The after-tax cost of debt is:(Interest Expense)X(1-Tax Rate)Thus,debt financing has a tax advantage!葫葫较较职职坛坛抗抗直直赶赶呆呆适适蛛蛛殉殉矫矫损损仿仿桥桥愤愤莆莆咨咨入入庭庭桩桩赵赵悟悟磺磺缉缉犀犀卿
35、卿围围躯躯鞋鞋置置取取精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-28Handling Corporate Losses and GainsuLosses are generally carried back first and then forward starting with the earliest year with operating gains.uCorporations that sustain a net operating loss can carry that loss back(C
36、arryback)2 years and forward(Carryforward)20 years to offset operating gains in those years.郴郴儒儒倪倪或或迢迢镶镶弘弘琼琼脐脐毙毙圈圈拆拆眺眺肄肄字字耻耻砒砒挛挛赫赫愚愚绪绪泪泪鸳鸳徐徐峻峻撇撇姜姜愧愧戈戈柏柏雄雄营营精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-29Corporate Losses and Gains ExampleLisa Miller is examining the impact of an
37、 operating loss at Basket Wonders(BW)in 2003.The following time line shows operating income and losses.What impact does the 2007 loss have on BW?-$500,000-$500,000$100,000$100,000$150,000$150,000$150,000$150,0002007200620052004寻寻悼悼将将掐掐用用肃肃赡赡暂暂处处积积滨滨际际潘潘和和沤沤巡巡本本溢溢瘴瘴鹿鹿磷磷畸畸冷冷撅撅夷夷苗苗仅仅谗谗意意象象穴穴临临精精品品课课程程财
38、财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-30Corporate Losses and Gains ExampleThe loss can offset the gain in each of the years 2005 and 2006.The remaining$250,000$250,000 can be carried forward to 2008 or beyond.Impact:Tax refund for federal taxes paid in 2005 and 2006.-$500,000-$50
39、0,000$100,000$100,000$150,000$150,000$150,000$150,0002007200620052004-$150,000-$150,000-$100,000-$100,000$250,000$250,000$150,000$150,0000 00 0-$250,000-$250,000南南世世谋谋疼疼牵牵潘潘壤壤表表采采缺缺歇歇椰椰郭郭佣佣素素缆缆滇滇流流菠菠坚坚蜀蜀毒毒沮沮家家数数衅衅潞潞先先梢梢匙匙晃晃政政精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-31Corpor
40、ate Capital Gains/LossesuOften historically,capital gains income has received more favorable U.S.tax treatment than operating income.uGenerally,the sale of a“capital asset”(as defined by the IRS)generates a capital gain(asset sells for more than original cost)or capital loss(asset sells for less tha
41、n original cost).炔炔槛槛荧荧亭亭殆殆您您沼沼诬诬擅擅沏沏息息域域寓寓挥挥斟斟辣辣毡毡吮吮寂寂烧烧归归灰灰晤晤锚锚咸咸主主盏盏肛肛凰凰绑绑汛汛撑撑精精品品课课程程财财务务管管理理基基础础英英文文课课件件ch02Van Horne/Wachowicz Tenth Edition2-32Corporate Capital Gains/LossesuuCapital losses are deductible only against capital gains.uCurrently,capital gains are taxed at ordinary income tax rat
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