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Title:Unternehmensbewertung für Zwecke der Steuerbemessung im Spannungsfeld von Individualisierung und Kapitalmarkttheorie: Ein aktuelles Problem vor dem Hintergrund der Erbschaftsteuerreform PDF Logo
Authors:Dirrigl, Hans
Issue Date:2009
Series/Report no.:Arqus-Diskussionsbeiträge zur quantitativen Steuerlehre 68
Abstract:According to the requirements of the German Federal Constitutional Court a new valuation system concerning the reform of the Inheritance and Gift Tax Act has been codified in § 11 Valuation Act. This system consults methods which valuate a business as a whole in order to calculate the fair market value of shares or business property. Due to these circumstances, a business valuation for tax-based purposes poses new challenges. Furthermore, business taxation has to deal with a new field of research. The valuation system of § 11 Valuation Act is situated between individualization and orientation towards the Capital Market. However, it is shown that it is not desirable to apply the German valuation standard IDW S 1 to these valuations. The only valuation concept which appears to be suitable in such situations is a concept that allows to individualise important parameters. A concept complying with these requirements, called Standard-Gross Rental Method”, is presented in the present article. This concept is particularly appropriate for valuations for tax-based purposes as the specific characteristics of small and medium-sized enterprises (SMEs), which are usually operated by the owner, can be adequately implemented.
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