Die steuerliche Berücksichtigung von Refinanzierungsaufwendungen beim internationalen Unternehmenskauf

The possibility to deduct interest expenses resulting from financing international mergers & acquisitions for tax purposes affects the attractiveness of international mergers & acquisitions. Multinationals can use tax planning in order to achieve a tax favored deduction of such interest expenses. On the one hand multinationals can achieve a tax effective deduction of such interest expenses in the country of residency of the target firm using an acquisition vehicle in combination with group taxation or a merger. On the other hand multinationals can try to deduct such interest expenses in the subsidiary within the multinational group being subject to the highest tax rate. The deduction of interest expenses resulting from international mergers & acquisitions should not violate the economic principle of neutral taxation. Following this principle, the deduction of such interest expenses should be granted at exactly the tax rate, at which the profits of the acquired firm are subject to taxation.     

Asian American Interracial and Interethnic Marriages: Differences by Education and Nativity1

Using the 1990 U.S. census data, we apply log‐linear models to examine Asian Americans' interracial marriage with whites and interethnic marriages between Asian ethnic groups. Japanese and Filipino Americans are most likely to marry whites, followed by Chinese and Korean Americans. Southeast Asian and Asian Indian Americans are least likely to marry whites. We further explore how interracial marriage differs by couples' educational and nativity combinations. The impact of educational attainment, generally, is very strong but is modest for Japanese Americans, the most assimilated group, and for Southeast Asian Americans, the least assimilated group. Interracial marriage is more likely for native than for immigrant couples, but immigrants marrying natives are more likely to marry whites than persons of their own ethnic group. Interethnic marriage between Asian ethnic groups is limited to several ethnic groups, but is much more frequent among natives than among immigrants. Japanese and Chinese Americans, who have lived in the United States for several generations, have the highest rate of interethnic marriage. We have shown two forms of integration for Asian Americans – integration into mainstream society through interracial marriage for both immigrants and natives and integration into Asian American pan‐ethnicity through interethnic marriage for later‐generation natives.