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.

Spatial Variability in Biogenic Gas Accumulations in Peat Soils Is Revealed By Ground Penetrating Radar (GPR)

We performed surface and borehole ground penetrating radar (GPR) tests, together with moisture probe measurements and direct gas sampling to detect areas of biogenic gas accumulation in a northern peatland. The main findings are: (1) shadow zones (signal scattering) observed in surface GPR correlate with areas of elevated CH4 and CO2 concentration; (2) high velocities in zero offset profiles and lower water content inferred from moisture probes correlate with surface GPR shadow zones; (3) zero offset profiles depict depth variable gas accumulation from 0-10% by volume; (4) strong reflectors may represent confining layers restricting upward gas migration. Our results have implications for defining the spatial distribution, volume and movement of biogenic gas in peatlands at multiple scales.

Antenna Simulations and Measurements of Focal Plane Array Facet Reflectors

We present a conceptual prototype model of a focal plane array unit for the STEAMR instrument, highlighting the challenges presented by the required high relative beam proximity of the instrument and focus on how edge-diffraction effects contribute to the array's performance. The analysis was carried out as a comparative process using both PO & PTD and MoM techniques. We first highlight general differences between these computational techniques, with the discussion focusing on diffractive edge effects for near-field imaging reflectors with high truncation. We then present the results of in-depth modeling analyses of the STEAMR focal plane array followed by near-field antenna measurements of a breadboard model of the array. The results of these near-field measurements agree well with both simulation techniques although MoM shows slightly higher complex beam coupling to the measurements than PO & PTD.