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9 a.m. - 8 p.m.
Phone: (843) 805-6930
West Ashley Library
9 a.m. – 7 p.m.
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Folly Beach Library
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Phone: (843) 588-2001
John L. Dart Library
9 a.m. – 7 p.m.
Phone: (843) 722-7550
St. Paul's/Hollywood Library
9 a.m. - 8 p.m.
Phone: (843) 889-3300
Mt. Pleasant Library
9 a.m. – 8 p.m.
Phone: (843) 849-6161
Dorchester Road Library
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Edgar Allan Poe/Sullivan's Island Library
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John's Island Library
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Edisto Library
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Wando Mount Pleasant Library
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Otranto Road Library
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Do Firms Incur Costs to Avoid Reducing Pre-Tax Earnings? Evidence from the Accounting for Low-Income Housing Tax Credits.
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- Author(s): Robinson, Leslie A.
- Source:
Accounting Review; Mar2010, Vol. 85 Issue 2, p637-669, 33p, 1 Diagram, 8 Charts- Subject Terms:
- Source:
- Additional Information
- Subject Terms:
- Abstract: Examining corporate investment in low-income housing tax credits reveals that firms are willing to incur costs in order to manage the income statement classification of an expense. Accounting rules allow investors who purchase a tax benefit guarantee to amortize their equity in a real estate partnership as a tax expense, rather than as an operating expense, thus avoiding a reduction in pre-tax earnings. Using confidential data from tax credit syndicators, I model the market price of a tax credit as a function of the existence of the guarantee, controlling for foreclosure risk on the underlying real estate. The results are consistent with the hypothesis that an economically significant amount of the guarantee fee is paid by corporate investors for the right to use an accounting method that avoids reductions in pre-tax earnings. [ABSTRACT FROM AUTHOR]
- Abstract: Copyright of Accounting Review is the property of American Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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