MBA in finance and accounting part 68

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Sher win-Williams Company, 62– 63, 64 Silgan Holdings Inc., 408 Sirena Apparel Group, 525 SmithKline Beecham PLC, 576 Snapple Beverage Corp., 568, 569–570 Social Security/FICA, 326 Software, 156 –164, 540–541 Sole proprietorship, 226 continuity of life, 234 control, 237 formation, 228 –229 liability, 245 out-of-state operation, 231 recognition as legal entity, 232 taxation, 248 –249 transferability of interest, 235–236 Southwest Airlines, 53–54 Spin-offs and split-ups, 347–350 Spreadsheet software, 157–160 Standard(s): collecting, 213 cost accounting systems, 217–219 currently attainable, 203 engineering studies, 213–214 fixed costs, 218 –219 government accounting, 217–218 motivation, 213–215 past data, 215 setting (by board of directors), 516...

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Nội dung Text: MBA in finance and accounting part 68

658 Index Sher win-Williams Company, 62– 63, 64 SWOT, 178 Silgan Holdings Inc., 408 Synthetic cash, 439 Sirena Apparel Group, 525 Synthetic stock, 439 SmithKline Beecham PLC, 576 Systematic risk, 613 Snapple Beverage Corp., 568, 569–570 Social Security/FICA, 326 Taglines, 263 Software, 156 –164, 540–541 Takeover, 562 Sole proprietorship, 226 Tax issues: continuity of life, 234 acquisition, 322–324, 578, 580, 583, 585 control, 237 business decisions, 314–352 formation, 228 –229 business expenses, 325–326 liability, 245 business forms/entities, 228, 248–255 out-of-state operation, 231 buy-sell agreements, 345–347 recognition as legal entity, 232 case illustration, 315 taxation, 248 –249 complete termination of interest, 341 transferability of interest, 235–236 deferred compensation, 326 –328 Southwest Airlines, 53–54 dividends, 26, 339–340 Spin-offs and split-ups, 347–350 employee stock ownership plans, 341–343 Spreadsheet software, 157–160 equity sharing, 330–335 Standard(s): estate planning, 343–347 collecting, 213 executive compensation, 325–330 cost accounting systems, 217–219 family limited partnerships, 344–345 currently attainable, 203 foreign subsidiaries, 405– 406 engineering studies, 213–214 gift tax, 317–318 fixed costs, 218 –219 income tax note (example), 78 –79 government accounting, 217–218 individual federal income tax rates, 249 motivation, 213–215 interest-free loans, 328 –330 past data, 215 like-kind exchanges, 337–339 setting (by board of directors), 516 nonrecurring items, 59– 62, 78 –79, 90, 93 time/motion studies, 214 passive losses, 320–322 types of, 202–203 pass-through entities, 319–320 valuation, 623 reverse triangle merger, 352 variable costs, 218 sale of corporation, 350–351 Stead, Jerre, 568 shelters, 321 Stock(s), 331–335 spin-offs and split-ups, 347–350 appreciation rights (SARs), 331–332 stock appreciation rights (SARs), 331 vs. cash deals (M&A), 582–583 stock options, 332–334 employee plans (ESOP), 341–343 subchapter S corporation, 316 –322 shareholders, 189, 239–240, 511 substantially disproportionate distributions, substantially disproportionate distributions, 340–341 340–341 taxable income and income tax, 296 synthetic, 439 three-corner exchange, 339 tax issues, 331–335, 340–341 unreasonable compensation, 315–316 Storage Technology Corp., 376, 377 vacation home rental, 335–338 Story model, 263–265 Team (business plan section), 281–283 Straddle, 425 advisory boards, 281–283 Strategic partners, 281 bios/roles, 281 Strategy, 516 –518, 552–553 board of directors, 281 Streaming media, 170 compensation, 283 Strike price, 364 external members, 281–283 Subchapter S, 227, 252–253, 318 –322 ownership, 283 Substitution, principle of, 596 strategic partners, 281 Sunk costs, 299 Technology. See Information technology Sustainable earnings, 72–96, 617. See also Telef lex Inc., 359 Earnings Telsik, Sarah, 519 Swaps, 361, 433, 434, 447– 449 Tenneco Inc., 364, 373, 405 equity, 448 Three-corner exchange, 339 interest rate, 449– 451 Tiger International Inc., 410– 413
Index 659 Timeline, 281, 282 investment risk, 596 Time/motion studies, 214 marketability, 622 Time value of money (TVOM) analysis, 299–301 market value of invested capital (MVIC), 608 Time Warner/AOL, 561, 563, 586 minority interests, 622– 623 Titan International Inc., 370–371, 388 “mom and pop” business, 595 Toys “R” Us Inc., 40, 42, 43 principle of alternatives, 596 Transaction processing, 140–144 principle of substitution, 596 Transfer pricing, 404– 407 process overview, 595–597 Transfer of risk, 424, 432 publicly traded guideline-companies method, Travelers Inc., 575 618 – 621 Trimark Holdings, 45 ratio analysis, 601– 603 Turnover ratios, 18 reconciliation of methods, 621 standards, 623 UAL Inc., 364 strategic/investment buyers, 595 “Ubiquitous” computing, 538 Value creation in M&A, 573–581 Underlying earnings. See Sustainable earnings Value engineering, 623– 624 Under writers, 464– 466 Varco, 93–94 United Airlines, 563, 576 Variable overhead indices, 211–212 United States government restrictions on Variance analysis/reports (budgets), 179, 180, business practices associated with foreign 212–213 subsidiaries and governments, 356, 413– 415 Veeco Instruments, 43 UNIX operating system, 538 Vertical integration, 576, 577 Unsystematic risk, 615 Vertical merger, 563 Unusual charges, 85, 94 Vishay Intertechnology Inc., 364 USAir, 563, 576 Visual fit (method of cost behavior estimation), 118–119 Vacation home, renting (tax impact), 335–338 Valuation of business, 593– 625 Walker, James, 260 adjustment to earnings for purposes of, Wal-Mart, 552–553, 554, 559 608– 609 Warrants, 445 appraisal of fair market value, 604– 606 Wealth, maximizing, 291–292 approaches to value (asset /income/market), Weighted average cost of capital (WACC), 594 304–305, 616 band of investment, 607 Western Digital Corporation, 354 buyers (different types of ), 594–595 Wide area network (WAN), 165, 166, 537, 547 comparison to industry averages, 604 Windfall profit and windfall tax, 295–296 control interest, 622 Wireless modems, 164 control premium, 619 Word processing software, 156 –157 cost of capital, 606 – 608 World Market Watch, 34 direct equity methodology, 605– 606 World Wide Web, 167–168. See also discounted cash f low method, 609– 618 Internet /intranet /extranets discount for lack of control, 622 W.W. Grainger, 555 discount for lack of liquidity, 621– 622 discount for lack of marketability, 622 Xerox Palo Alto Research Center, 538 fair market value, 595, 604– 606 financial buyers, 594–596 Y2K, 541 financial statement analysis, 599– 603 York International Corporation, 369 guideline companies approach, 618 industry analysis, 597 ZETA, 32 Internet links, 625 Z score, 31–32