简述外文翻译

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1、简述外文翻译简述外文翻译导读：ordingly,modelspttoanalyzetheeffectsoftaxationassumingrational,maximizingtaxpayersarketmaygivemisleadingresults.Afullanalysisoftaxavoidancecannotbeconductedmodel;transactionsontaxavoidanceschemescanbereinterpretedasmakinguseofoneormoreof

2、theseprinciples.Foursuchmethodsaredescribed.Inaperfectcapitalmarket,thesemethodsinatealltaxationoncapitaline.Thefactthatthetaxsystemraisesrevenueisattributedtolackofastutenessofthetaxpayerand/orlackofperfectionofthecapitalmarket.Accordingly,modelspttoa

3、nalyzetheeffectsoftaxationassumingrational,maximizingtaxpayersarketmaygivemisleadingresults.Afullanalysisoftaxavoidancecannotbeconductedmodel;transactionsayatthesametimeincreaseanother's.anytransactions,toreducethetaxliabilitiestosomepartiestothetransa

4、ction,increasethoseofothers.Because;prices;(thetermsofthetransaction)adjusttoreflectthesechangedtaxliabilities,itisoftendifficulttoascertainmanytaxavoidance—schemes.Moreover,theaggregatelosstotheTreasurymaybemuchlessthantheseeminggaintotheallegedbenefi

5、ciaries(effectsoftaxavoidanceschemes).Thus,analysisoftaxavoidance(SectionsI—III)eofthemoreimportantgeneralequilibriumeffects(SectionIV).SomeimplicationsofouranalysisfortaxreformareprovidedinSectionV.1.3Conclusionsostofatleastthemontaxavoidanceschemesca

6、nbereinterpretedasmakinguseofoneormoreoftheseprinciples.Inaperfectcapitalmarket,theseprinciplesoftaxavoidancearesopoinatealltaxationoncapitaline,andpossibilyalltaxationonraisesrevenueisthusatributetothelackofastutenessofthetaxpayerand/or5678简述外文翻译(2)导读

7、：hattempttoanalyzetheeffectsoftaxationassumingrational,maximizingtaxpayersarket.Some(perhapsmost)oftheimperfectionsofthecapitalmarketareattributabletoimperfections(includingasymmetries)ofinformation.Ineconomiesperfectinformatithelackofperfectionoftheca

8、pitalmarket.Thisinturnhasanimportantimplication:oneshouldtreateskepticismmodelspttoanalyzetheeffectsoftaxationassumingrational,maximizingtaxpayersarket.Some(perhapsmost)oftheimperfectionsofthecapitalmarketareattributabletoimperfections(