Blockage Valuation in Federal Tax Law

Federal Tax Law Trumps Indian Canon

On November 27, 2001, the Supreme Court ruled in Chickasaw v. United States that Native American gaming (NAG) firms are subject to federal excise and occupational taxes. Prior to the decision, these firms had been exempt from all federal taxation. We hypothesize that Chickasaw improves the competitive position of publicly traded gaming firms and their suppliers by leveling the playing field for...

Valuation of tax expense

Both intuition and empirical evidence suggest that higher revenues increase value whereas higher expenses, including higher tax expense, decrease value. Some prior research, however, suggests that higher tax expense may be good news, despite the resulting reduction in after-tax earnings. We conduct a comprehensive investigation and find that surprises in both the current and deferred components...

Federal Tax Arrears: Liquidity Problems, Federal Subsidies, or Regional Protection

The paper was prepared under the research program "Transforming Government in Economies in Transition" (GET) sponsored by the Ford Foundation (Grant No950-1503), project "Enterprise Financing and the Role of the Government". Earlier draft entitled: “Do Governors Protect Firms From Paying Federal Taxes?” We are very grateful to Ahmed Ahmedov, David Brown, Sergei Guriev, Evgeny Orlov, Elena Palts...

Increasing the federal excise tax on cigarettes.

In fiscal year 1970, U.S. federal cigarette tax revenues accounted for 13 percent of all federal excise tax collections and 1 percent of total federal budget receipts. By fiscal year 1980, federal cigarette tax revenues accounted for only 10 percent of all federal excise tax collections and only 0.5 percent of total federal budget receipts.’ In fiscal year 1970, U.S. state and local cigarette t...

Some Federal-State Developments in Immigration Law