Tax-Optimal Step-Up and Imperfect Loss Offset

In the field of mergers and acquisitions, German and international tax law allow for several opportunities to step up a firm's assets, i.e., to revaluate the assets at fair market values. When a step-up is performed the taxpayer recognizes a taxable gain, but also obtains tax benefits in the form of higher future depreciation allowances associated with stepping up the tax base of the assets. This tax-planning problem is well known in taxation literature and can also be applied to firm valuation in the presence of taxation. However, the known models usually assume a perfect loss offset. If this assumption is abandoned, the depreciation allowances may lose value as they become tax effective at a later point in time, or even never if there are not enough cash flows to be offset against. This aspect is especiallyrelevant if future cash flows are assumed to be uncertain. This paper shows that a step-up may be disadvantageous or a firm overvalued if these aspects are not integrated into the basic calculus. Compared to the standard approach, assets should be stepped up only in a few cases and - under specific conditions - at a later point in time. Firm values may be considerably lower under imperfect loss offset.

Advanced luminance control and black offset correction for multi-projector display systems

In order to display a homogeneous image using multiple projectors, differences in the projected intensities must be compensated. In this paper, we present novel approaches to combine and extend existing techniques for edge blending and luminance harmonization to achieve a detailed luminance control. Furthermore, we apply techniques for improving the contrast ratio of multi-segmented displays also to the black offset correction. We also present a simple scheme to involve the displayed context in the correction process to dynamically improve the contrast in brighter images. In addition, we present a metric to evaluate the different methods and their influence on the visual quality.

Who has really paid for the Reconstruction of East Germany? Expected and Realized Returns on Real Estate Investments in East and West Germany in the 1990s

We evaluate the profitability of investments in residential property in Germany after unification with a focus on the comparison of East and West Germany. Calculations are carried out for (1) the after-tax return an investor might have expected at the beginning of the 1990s, and (2) the after-tax return that has been realized ten years after. We compare a set of statistical data for investments in fifty major cities by using complete financial budgeting. The results show that tax subsidies could not always protect investors from losing money, but they have boosted realized returns after tax considerably. Therefore, it was indeed the taxpayers, not the investors, who have borne the cost of reconstructing East Germany.

Application of Time-Delay Estimation to Mixed Reality Multisensor Tracking

Spatial tracking is one of the most challenging and important parts of Mixed Reality environments. Many applications, especially in the domain of Augmented Reality, rely on the fusion of several tracking systems in order to optimize the overall performance. While the topic of spatial tracking sensor fusion has already seen considerable interest, most results only deal with the integration of carefully arranged setups as opposed to dynamic sensor fusion setups. A crucial prerequisite for correct sensor fusion is the temporal alignment of the tracking data from several sensors. Tracking sensors are typically encountered in Mixed Reality applications, are generally not synchronized. We present a general method to calibrate the temporal offset between different sensors by the Time Delay Estimation method which can be used to perform on-line temporal calibration. By applying Time Delay Estimation on the tracking data, we show that the temporal offset between generic Mixed Reality spatial tracking sensors can be calibrated. To show the correctness and the feasibility of this approach, we have examined different variations of our method and evaluated various combinations of tracking sensors. We furthermore integrated this time synchronization method into our UBITRACK Mixed Reality tracking framework to provide facilities for calibration and real-time data alignment.