However, the underlying pre-tax profit at its banking operations fell 72% to 184m euros.
Deutsche Bank, which has relatively low capital ratios (something that should flatter ROE), managed 13% on an underlying pre-tax basis.
Conversely, partnership tax returns are a better choice for investment funds focused on carried-interest tax breaks using special allocations, plus there is generally no underlying income subjected to SE tax anyway.
That makes S-Corp elections a wise choice for management companies focused on reducing SE tax on underlying advisory fee earned income.
And Baldwin alludes to the underlying cause: our Tax Code keeps consumers from realizing the true cost of their medical treatment because employers are usually paying the first dollar.
Members should also adopt a common General Anti-Abuse Rule, whereby they can ignore artificial tax avoidance schemes and tax the underlying sum of money, the Commission said.
Before businesses get too excited, Furman says it's important first to resolve some of the "underlying problems" in the corporate tax code, which he believes is too complicated.
Taxpayers have been socking all sorts of assets -- including cash, stock and real estate -- into limited partnerships, and then claiming their stakes are worth 25%, 50% or even 90% less than the underlying assets for gift and estate tax purposes.
Moreover, if you adjust the overall rise for inflation and legislated tax changes to get at underlying revenue growth, the picture is even grimmer.
Such conduct caused municipal issuers to file inaccurate reports with the Internal Revenue Service and placed the tax-exempt status of the underlying bonds in jeopardy.
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Regardless of the particulars, the underlying theory is the same: To reduce the tax burden for people who take on the costs of creating new taxpayers (otherwise known as children).
Unless people were getting fancy with valuation for estate tax purposes or the value of the underlying property skyrocketed in a very short period, you would expect that the transaction would be close to a wash for federal income tax purposes.
The underlying dispute will likely come down to an interpretation of tax law.
Tax burdens can vary by industry, the underlying cost of doing business and by how the taxes are weighted.
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"Foreclosure sales, short sales and first-time homebuyers taking advantage of tax credits is purely illusionary and hides the underlying problems of lending and inventory, " says Anthony Sanders, a finance professor at George Mason University's Hall School of Management.
Whether a Tobin Tax would affect volatility in the same way as underlying market transaction costs is not clear.
Like any business tax, the burden is not borne solely by underlying firms.
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And since government spending is the underlying evil on which Mr Norquist believes all policy should focus, the tax break for ethanol (and other such credits, loopholes and distortions) must not be eliminated unless the extra revenue they will put in federal coffers is taken out again in the form of an equal tax cut somewhere else.
Furthermore, either regular income tax or alternative minimum tax may be payable at the time of exercise, even if the underlying stock is subsequently sold at a loss.
The Alliance's Stephen Farry said the conclusions of the 2007 Varney Report, in maintaining corporation tax at 25% in Northern Ireland, highlighted the Treasury's "underlying complacency that accepts an unbalanced UK economy".
As a result, if an S corporation or partnership were able to select any tax year it wanted, the owners of the business could achieve a substantial deferral of the underlying business income.
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