美国-免税收购中英文详细介绍

海外税制 图解免税收购 免税收购免税收购 译者 eric4290eric4290 版权声明 原文版权属于原作者 本译文版权保留 仅供学习参考 禁止商业使用原文版权属于原作者 本译文版权保留 仅供学习参考 禁止商业使用 正文正文 免税并购交易被看作 重组 和除了在重组中收购方使用其本身的股票股票作为支付给卖 方的一部分对价而不是现多或债务以外 免税并购与应税交易相似 要使一项交易享受 国内 收入法典 第368节规定的免税待遇 必须满足四个条件 所有者权益延续 至少50 对价是收购方股票 尽管也有少至40 股票对价的交易享受免税待遇的 企业延续 收购方或者必须继续目标方原来的生意 或者必须在交易后的2年内将目标方绝大部分资产使用于 现存的生意中 有效的商业目的 除了避税以外 该项交易必须服务于有效的商业目的 分步交易司法原则 该项交易不得与一项整体来看将构成应税购买之计划有任何瓜葛 重组 尽管在实体层面一般不征税 但对于卖方股东而并不是完全免税 重组中 对目标方股 东收取的不符合要求的对价 或称 补价 则立即予以征税 此外 对目标方股东作为对价收 取的收购方股票是延迟征税而不是完全避免了 补价补价 目标方股东收取除了收购方股票以外的对价 如现金或债务 让我们考察免税收购中每个股东受到怎样的税收影响 收购实体收购实体 承继被收购净资产的滚存计税基础 在数值上等于目标方历史计税基础 即使目标方股东就收 取的任何附约对价确认了收益 承继从目标方股东处收取的股票的滚存计税基础 在数值上等于目标方股东的计税基础 即使 目标方股东就收取的任何附约对价确认了收益 对于以收购方股票换取目标方股票事项 不确认税收损益 目标方的税收属性 如净营业损失 收购后继续存在并结转至收购方 但是他们的利用须受到 国内收入法典 第382节的限制 目标实体目标实体 目标实体不确认将财产转让给收购实体的应税所得 目标实体的股东目标实体的股东 目标实体股东承继作为对价收取的收购实体方的计税基础 在数值上等于目标实体股东持有的 目标方股票的原有计税基础 对目标方股票与收购方股票之间的交换 不确认税收损益 更确切地说 对于作为对价收取的 收购方股票予以延迟征税 一直延迟到目标方股东销售该股票时 对于出售股东收取的附约对价直接予以征税 例子例子 3 8 股东税收 假设 A 公司以免税重组方式收购 T 公司 以60美元现金和40美元股票为对价 T 公司股东给付 股票的计税基础合计是20美元 那么 T 公司股东实现所得是60 40 20 80 美元 T 公司股 东确认所得是实现的所得与收取的补价两者之中的少者 或者说是40美元 免税交易安排免税交易安排 国内收入法典 第368节认可三种类型的公司收购安排符合免税 或延纳税 重组 类型 A 重组 股票换资产收购 法定吸收合并或新设合并 正向三角吸收合并 反向三角吸收合并 2 类型 B 重组 股票换股票收购 3 类型 C 重组 股票换资产收购 法定吸收合并 法定吸收合并 A 项重组 项重组 在法定吸收合并中 目标方股东以其股份换取收购方股票和多达 60 的非股票对价 权益延续要求的适用 目 标方股东收到的非股票对价应立即予以征税 同时 收购方股票给付延迟课税 股票对价可以为收购方有选举 权或选举权普通股票或者符合条件的优先股份 目标方清算 目标方的所有资产和负债由收购方承担 在大多 数州 吸收合并计划须经收购方和目标方股东投票批准 持有不同意见股东可以单独估价并以现金方式交易 法定新设合并 法定新设合并 A 项重组 项重组 在法定解散合并中 两个或更多的股份公司贡献他们全部的资产和负债给为实现重组交易而成立的新股份公司 先前存在的股份公司解散 这种安排适合于对等公司之间的合并 收购方和目标方股东具有与法定吸收合并中 相同的投票权与估价权 正向三角吸收合并正向三角吸收合并 在正向三角吸收合并中 目标方被并入收购股份公司的子公司 留下子公司作为存续实体 因为目标方解散 不可转让资产和合同 如专利或许可 也许会丧失 要使交易符合免税处理 买方必须购买目标方几乎全部资 产 规定至少分别为目标方总资产和净资产的 70 和 90 在合并之前的近期销售收购方不需要的资产可能 会危及优惠税收待遇 一如法定吸收合并 对价形式必须符合权益延续要求 用作对价给付的收购方股票在证券形式上是灵活的 不 准许给付子公司股票 然而 这种交易安排比法定吸收合并有两个优势 1 由于收购方以独立的法律实体 子公司 身份从事交易 保护收购方免受目标方债务所累 2 收购方股东不需要批准合并 除非收购重大或 者因完成交易所需收购方股票的数量之多而必须获得批准 反向三角吸收合并 反向三角吸收合并 A 项重组 项重组 在反向三角吸收合并中 收购方的子公司被并入目标方 留下目标方作为存续实体和收购方子公司 排除任何 目标方的任何少数股东 这种安排允许收购方免于承受目标方的债务 如同正向三角吸收合并 但是还有增添 的好处 即不丧失不可转让资产与合同的好处 基于原因 反赂三角收购成为普遍使用的收购安排 然而 至 少80 对价必须以有收购方的选举权的普通或优先股票支付 这种交易安排的其他特点与正向三角吸收合并相似 包括 几乎全部 和股东批准要求 股票换股票 股票换股票 B 项重组 项重组 在 B 项重组中 收购方以其有选举权的普通和 或符合要求的优先股票 没有任何非股票对 价 除了支付给不是整股的小笔金额 以换取控制目标方 控制定义为拥有目标股票投票 和价值的80 目标方成为收购方的子公司 收购方免于承受目标方的债务 习方不需要 一次全部购买目标方股票的80 但是 必须拥有至少在完成收购时拥有至少80 这种 方式允许买方以所谓的 匍匐 方式逐渐购买目标方股票 予以注意的是 由于这种交易 安排不要求购买目标方股票的100 少数股东可以保留其在目标方的利益 除了后者允许 非股票对价 排斥少数股东和要求买方购买几乎全部目标方资产以外 B 项重组与反向三 角吸收合并相似 当目标方股东愿意接受买方股票作为对价的时候 这种交易安排可能是实用的 例如 因 为他们也许有内置的资本利得 当销售股票以兑取现金时会触发资本利得的实现 如果买 方不想拿出大笔现金用于收购或者试图免于承受目标方债务 买方也许会喜欢这种交易安 排 股票换股票收购 股票换股票收购 C 项重组 项重组 在 C 项重组中 收购方以其有选举权的普通和 或优先股票换取目标方 几乎全部 的资产 目标方清算并将收购方股份和任何余下资产转给目标方股东 除了有选举权普通或优先股 票以外 支付的现金或证券对价不得超过目标方交易前资产市场公允价值的20 当现金 或其他不符合要求的对价用于支付时 买方承受的任何债务计入20 非股票对价限额内 如同应税资产购买 如果可能 买方可以挑选确定其将承受的目标方资产 完全拒绝某些 债务甚至给予了买方比将这些债务隔离于子公司情况下所能提供的更大保护 然而 买方 高度曝露于承受的债务风险中 除非一如其他交易安排 用子公司防护这种风险 此外 象应税资产收购 C 项重组操作复杂 花费高 耗时 因此 罕见采用 第第351节吸收合并节吸收合并 在第368节认可的免税交易安排不切实际时 国内收入法典 第351节提供了实现免税企业合并的又一种方法 第351节合并胜于第368节交易安排的最突出优势在于前者不要求所有者权益的延续性 权益延续性约束了目标 方股东可能收取的不征税对价 收购方股票 金额 因此 第351节合并包括的免税对价在金额上不受限制 这 种方式有利于那些重视税收延缓而不是看重眼前收入的出售股东 新成立股份公司的创始股东通常将财产 如现金和其他财产 转让给予新实体 新股份公司 以换取所有者权 益 如普通或优先股票 依据 国内收入法典 第351节 这种转让免于税收 但是 交易后转让方马上获得 新股份公司的税收认同的控制 规定为至少拥有每个序列发行在外股票80 的表决权和金额 第368规定的免税 处理条件不再适用 下面图例显示了第351节合并可能出现的交易安排方式 转让方除了新股份公司股票以外也许会收到补价 如现金和其他财产 以换取被转让的财 产 尽管转让方收到新股份公司股票不征税 收到补价的转让方按收到补价与转让财产实 现所得两者之中的少者确认应税所得 收到新股份公司股票的转让方按被转让财产的计税 基础承继该股票的计税基础 但是 如果转让方在交易中也收取补价 转让方在其所持有 的新股份公司股票的计科基础减去补价的市场公允价值和其确认的任何交易损失 新股份 公司承继收取财产的结转计税基础 加上转让方确认的任何收益金额 提示 在税款支付 的情况下 美国税局允许价值增加 表表3 3 第第368节免税交易安排之比较节免税交易安排之比较 交易架构交易架构优势优势劣势劣势 法定吸收合法定吸收合 并或新设合并或新设合 并并 对价形式灵活 不要求有选举权股票 可使 用高达60 的补价 处置不需要的资产 免税身份不受影响 排除少数或持异议股东 承继目标方全部负债 收购方和目标方股东可以有资格享有投票权 和估价权 也许要求转移所有权 租约和合同 收购方与目标方不得为外国股份公司 Forward Triangular Merger 正正 向三角吸收向三角吸收 合并合并 Flexibility in the form of consideration 对价形 式灵活 Target s liabilities isolated in a subsidiary 目 May lose non transferrable assets and contracts 或许会推动不可转移的资产和合 同 标方债务隔离于子公司 Substantially all requirement 几乎全部 要求 Target shareholder vote 目标方股东的表决 权 Reverse Triangular Merger 反反 向三角吸收向三角吸收 合并合并 Up to 20 boot can be used 可以使用高达 20 的补价 Target s liabilities isolated is a subsidiary 目 标方债务隔离于子公司 Non transferrable assets and contracts are not lost 不会丧失不可转让资产与合同 Acquirer must exchange its voting stock for target stock 收购方必须用其表决权股票换 取目标方股票 Substantially all requirement 几乎全部 条件 Target shareholder vote 目标方股东表决权 B 重组重组 B Reorganiz ation Target s liabilities isolated in a subsidiary 目 标方债务隔离于子公司 Non transferrable assets and contracts are not lost 不丧失不可转让资产与合同 No substantially all requirement 没有 几 乎全部 条件 Acquirer must exchange its votingstock for target stock 收购方必须以表决权股票换取 目标方股票 Inflexible with respect to the form of consideration 对价形式不灵活 Minority shareholders not eliminated 不排 斥少数股票 C 重组重组 C Reorganiz ation Acquirer can be selective in choosing the liabilities it assumes 收收购方在选取其承继 的债务时可以挑选 Acquirer must exchange its votingstock for target stock 收购方必须以表决权股票换取 目标方股票 Inflexible with respect to the form of consideration 对价形式不灵活 Substantially all requirement 几乎全部 条件 Mechanically complex and costly 操作复杂 且花费大 第351节吸收合并灵活之处在于这种安排可以裁剪以满足目标方股东的目标 对价可以包 括现金和 或新股份公司多种序列股票如有有表决权和无表决权普通和优先股票 表表 3 4 第第351节合并的示例节合并的示例 D 公司和 F 公司是上市股份公司 D 公司的大多数业务是供应原材料给 F 公司的制造部门 D 与 F 公司约定按第351节规定进行企业合并 据此安排 F 公司将其制造部门转让给 D 公司 以换取新发行的 D 公司股份且足以使 F 公司于交易后拥有 D 公司的81 在本例 中 D 公司购买一个新的部门 F 获取第351节所要求的对新合并公司 D 公司 的税法意 义上的控制 以前已发行的 D 公司股份仍然保留原来发行状态并公开交易 但现在只代表 D 公司发行在外股份的19 1 81 作为上述购买方式的替代 如果 F 公司完全购买 D 公司 将其制造部门转入新的子公司 D 公司 将其在 D 公司的所有者权益19 分拆上市 交易后的最终架构是相同的 当然 同等 效果的系列交易将更加复杂 在税收上可能更没有效率 并且不切实际 Tax Free Acquisitions Tax free M rather any tax on acquirer stock received as consideration is deferred until the target shareholders sell the stock The transaction is immediately taxable to selling shareholders to the extent boot is received Example 3 8 Shareholder Taxes Suppose Alpha acquires Tango in an tax free reorganization for 60 in cash and 40 in stock Tango s shareholders aggregate basis in their stock is 20 So Tango s shareholders realized gain is 60 40 20 80 Their recognized gain is the lower of the realized gain and the amount of boot received or 40 Tax Free Deal Structures Section 368 of the Internal Revenue Code recognizes three types of corporate acquisition structures that qualify as tax free or tax deferred reorganizations Type A Reorganization stock for assets acquisition Statutory merger or consolidation Forward triangular merger Reverse triangular merger Type B Reorganization stock for stock acquisition Type C Reorganization stock for assets acquisition Statutory Merger A Reorganization In a statutory merger target shareholders exchange their shares for acquirer stock and up to 60 boot continuity of interest requirement applies Boot is immediately taxable to target shareholders while payment in acquirer stock is tax deferred Stock consideration may be paid in voting and non voting common or qualified preferred shares of the acquirer The target is liquidated and all of the target s assets and liabilities are assumed by the acquirer Approval of the merger plan is subject to acquirer and target shareholder vote in most states Also dissenting shareholders may have their independently appraised and purchase for cash Statutory Consolidation A Reorganization In a statutory consolidation two or more corporations contribute all of their assets and liabilities to a new corporation formed to effect the transaction and the preexisting corporations are dissolved This structure is appropriate for mergers of equals Acquirer and target shareholders have the same voting and appraisal rights as in a statutory merger Forward Triangular Merger A Reorganization In a forward triangular merger the target is merged into a subsidiary of the acquiring corporation leaving the subsidiary as the surviving entity Because the target is eliminated non transferrable assets and contracts such as patents or licenses may be lost The buyer must acquire substantially all of the target s assets defined as at least 70 and 90 of the FMV of the target s gross assets and net assets respectively for the transaction to qualify for tax free treatment Sales of assets not wanted by the acquirer just prior to the merger may jeopardize favorable tax treatment As in a statutory merger the form of consideration must meet the continuity of interest requirement and payment in acquirer stock is flexible as to the type of securities used as consideration payment in subsidiary stock is disallowed However this structure has two advantages over a statutory merger 1 the acquirer is shielded from the target s liabilities because they are isolated in a separate legal entity the subsidiary and 2 the acquirer s shareholders need not approve the merger unless the acquisition is material or more acquirer shares must be authorized to complete the transaction Reverse Triangular Merger A Reorganization In a reverse triangular merger a subsidiary of the acquirer is merged into the target leaving the target as the surviving entity and a subsidiary of the acquirer and eliminating any minority shareholders in the target This structure allows the acquirer to shield itself from the target s liabilities as in the forward triangular merger but with the added benefit that non transferrable assets and contracts are not lost For this reason the reverse triangular merger is a commonly used structure However at least 80 of the consideration must be paid in voting common or preferred stock of the acquirer eliminating some flexibility in the type of equity consideration paid relative to the forward triangular merger Other characteristics of this structure are similar to those found in forward triangular mergers including the substantially all and shareholder approval requirements Stock for Stock Acquisition B Reorganization In a B reorganization the acquirer exchanges its voting common and or qualified preferred stock no boot except for small amounts paid for fractional shares for control of the target defined as ownership of 80 of the vote and value of the target s stock The target survives as a subsidiary of the acquirer shielding the acquirer from the target s liabilities The buyer need not acquire the entire 80 of target stock at once but must own at least 80 upon completion of the acquisition This allows the buyer to acquire the target s shares gradually in what is known as a creeping acquisition Note that since this structure does not require 100 of the target s shares to be acquired minority shareholders may retain a stake in the target The B reorganization is similar to the reverse triangular merger except that the latter allows boot eliminates minority shareholders and requires the buyer to acquire substantially all of the target s assets This structure may be useful when the target s shareholders are willing to accept acquirer stock as consideration because for example they might have built in capital gains that would be triggered upon a stock sale for cash The buyer may also prefer this structure if it does not want to part with a substantial amount of cash to fund the acquisition or seeks to shield itself from the target s liabilities Stock for Assets Acquisition C Reorganization In a C reorganization the acquirer exchanges its voting common and or preferred stock for substantially all of the target s assets The target liquidates and transfers the acquirer shares and any remaining assets to its shareholders Consideration paid in cash or securities other than voting common or preferred stock boot cannot exceed 20 of the FMV of the target s pre transaction assets Any liabilities assumed by the acquirer count toward the 20 boot limit when cash or other non qualifying consideration is paid As in taxable asset acquisitions the buyer can be selective in choosing which if any of the target s assets it will assume Rejecting the certain liabilities altogether affords the acquirer even greater protection than does isolating those liabilities in a subsidiary However the acquirer is highly exposed to any assumed liabilities unless a subsidiary is used to shield that exposure as in other structures Moreover like taxable asset acquisitions the C reorganization can be mechanically complex costly and time consuming Hence C reorganizations are rare Exhibit 3 3 Comparison of Section 368 Tax Free Structures StructureStructure AdvantagesAdvantages DisadvantagesDisadvantages StatutoryStatutory MergerMerger oror ConsolidationConsolidation Flexibility in the form of consideration no voting stock requirement up to 60 boot can be used Tax free status not affected by disposal of unwanted assets Eliminates minority or dissenting shareholders All target s liabilities assumed Acquirer and target shareholders may be entitled to voting and appraisal rights Transfer of titles leases and contracts may be necessary Neither company can be a foreign corporation ForwardForward TriangularTriangular MergerMerger Flexibility in the form of consideration Target s liabilities isolated in a subsidiary May lose non transferrable assets and contracts Substantially all requirement Target shareholder vote ReverseReverse TriangularTriangular MergerMerger Up to 20 boot can be used Target s liabilities isolated is a subsidiary Non transferrable assets and contracts are not lost Acquirer must exchange its voting stock for target stock Substantially all requirement Target shareholder vote B B ReorganizationReorganization Target s liabilities isolated in a subsidiary Non transferrable assets and contracts are not lost No substantially all requirement Acquirer must exchange its votingstock for target stock Inflexible with respect to the form of consideration Minority shareholders not eliminated C C ReorganizationReorganization Acquirer can be selective in choosing the liabilities it assumes Acquirer must exchange its votingstock for target stock Inflexible with respect to the form of consideration Substantially all requirement Mechanically complex and costly Section 351 Mergers IRC Section 351 provides a means to effect a tax free business combination when the tax free structures recognized under Section 368 are impractical The most notable advantage of Section 351 over Section 368 is that the former does not require continuity of ownership interest which restricts the amount of non taxable consideration acquirer stock that the target s shareholders may receive Thus a Section 351 merger may include an unrestricted amount of tax free consideration benefiting selling shareholders who value tax deferment over current income Founding shareholders in a newly formed corporation generally transfer property e g cash and other assets to the new entity NewCo in return for ownership interests e g common or preferred stock Under IRC Section 351 this transfer is tax free provided that the transferors in aggregate assume tax control of NewCo immediately after the transaction defined as at least 80 ownership of the vote and value of each class of outstanding stock The conditions required by Section 368 for tax free treatment do not apply The following illustration shows one way in which a Section 351 merger might be structured Transferors may receive boot e g cash and other property in addition to NewCo stock in exchange for the property transferred While the receipt by transferors of NewCo stock is not taxable transferors who receive boot recognize a taxable gain equal to the lesser of the boot received and the gain realized on the transfer of property Transferors who receive NewCo stock assume a basis in such stock equal to the basis in the property transferred However if the transferors also receive boot in