I examine the relation between a firm's dividend policy and its strategic tax decisions. I posit that the capital market pressure associated with paying a dividend leads dividend-paying firms to seek predictable cash flows. I specifically focus on the volatility of a firm's cash effective tax rate (ETR) due to the observability, large size, variability, and periodicity of cash tax payments. Consistent with dividend payments altering a firm's strategic tax preferences, I find that firms that pay a higher dividend exhibit more predictable cash ETRs. Further, I find that the predictability of a dividend-initiating (eliminating) firm's cash ETR subsequently increases (decreases). Additionally, I find that, consistent with prior research suggesting that financially constrained firms "borrow" cash from their tax account, financial constraint moderates the positive relation between the predictability of a firm's cash ETR and its dividend payments. Importantly, my results hold for firms initiating a dividend in response to the exogenous shock of the Bush tax cuts. Finally, I also examine specific tax strategies dividend-paying firms use to help increase the predictability of their cash tax payments. My results contribute to the academic literature by examining whether, and how, dividend-paying firms alter their strategic tax decisions. Additionally, I contribute to ongoing public policy debates over the value of dividend payments by demonstrating a positive relation between dividend payments and the predictability of a firm's cash tax payments.

Until recent years the proportion contributed to total government revenue by the petroleum industry has continued to increase. However, Australia's oil reserves are now diminishing as known fields are consumed, and exploration efforts have failed to locate new sources of petroleum. The oil industry has called for the relaxation of the government take in order to encourage exploration activity for the replacement of reserves. In an environment of low world prices and continuing high levels of taxation it has been submitted that the balance between taxation and exploration incentives has tipped against exploration activity. The broader economic consequences of lower self sufficiency are significant, particularly in terms of the current account deficit and economic security. The most contentious form of government revenue is secondary taxation. These taxes are levied in addition to company income tax. The present Federal Government has introduced a Petroleum Resource Rent Tax to ensure the community, as a whole, gains an equitable share from the diminution of the country's scarce natural resources. Government discussion on tax reform has concentrated on the most appropriate form of secondary taxation without first examining whether there is, in fact, a case for the imposition of any secondary taxes. This paper addresses the impact of the range of taxes which apply to the petroleum industry. Particular attention is given to the alternate forms of secondary taxation and their effect on the industry in terms of the commonly used criteria for evaluating taxes. These criteria are : equity; efficiency and simplicity. Using this framework the various taxes are analysed individually. Beyond the oil industry the thesis will examine the broader economic effects of petroleum taxation policy, and review the political environment that gives rise to Government policy. From a business perspective, it is in the interests of the oil industry to minimise taxation because of its inverse relationship with profitability. In the light of this objective analysis, the thesis aims to determine the most appropriate form and level of taxation for the petroleum industry in Australia. / Master of Business (Taxation)

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This study investigates whether the difference in individual shareholder tax rates between dividend income and capital gain (the dividend tax penalty) affects a firm's choice between distributing funds to shareholders through dividends or share repurchases. The results of this study suggest that, in periods in which the dividend tax penalty increases, firms are more likely to distribute funds to shareholders through share repurchases as opposed to dividends. The results also indicate that the relationship between the dividend tax penalty and corporate payout choice is affected by the types of shareholders who own stock in the firm. As managerial share ownership increases and the dividend tax penalty increases firms are more likely to make distributions to shareholders in the form of share repurchases. As aggregate institutional ownership increases and the dividend tax penalty increases, firms are neither more likely to repurchase shares nor more likely to distribute dividends. Division of the institutional ownership category indicates that institutions classified as mutual funds and investment advisors (brokers) have the strongest preference for share repurchases as the dividend tax penalty increases. In contrast, institutions classified as banks, insurance companies and other institutions have the smallest preference for share repurchases as the dividend tax penalty increases. The implication of this study is that individual shareholder taxes affect firms' corporate payout choice.

Issued also as Thesis (Ph. D.)--Columbia University. / Bibliography: p. 101-105.

Issued also as thesis (PH. D.) Columbia university. / Bibliography: p. 101-105.

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Thesis title: Taxation of income from sports activities The objective of this thesis is to analyze the current state of legal regulation of the taxation of the sportsman income, including the decision- making activity of the courts related to this issue and on the basis of the findings to conclude whether current practice corresponds to the interpretation of legislation. The thesis is structured into three main chapters. The first chapter is devoted to defining concepts that are crucial to this work, the term "sport" and "sportsmen". It deals with the regulation of sport in the international law, European law and Czech law. Then the term sportsmen, including his status in Czech law and European law, are analyzed in a similar way. The second chapter focuses on the taxation of income from sports activities and is divided into two main parts. The first part is devoted to the taxation of income from sports activities of professional sportsmen performing collective sports, the second part is dedicated to sportsmen performing individual sports. The last chapter stands on the findings from the previous parts of the thesis and deals with the taxation of income from sports activities de lege ferenda.