上年末,摩根大通的递延税项资产总额为160亿美元,而美国银行为270亿美元。花旗银行的递延税项资产略高于500亿美元,毫无疑问,它是递延税项资产之王,这个酌量性会计项目的数额在该公司历史上是最高的。
To some, this looks highly optimistic. Mike Mayo, an analyst with CLSA, a broker, hasrelentlessly questioned Citis ability to produce enough taxable income to justify the assetand has suggested that it could be overvalued by $10 billiona view for which he was, for atime, blackballed and badmouthed by the firms top brass. Citi rejects the suggestion that it iscounting imaginary beans. Its DTA is, according to its latest filing, recognised subject tomanagements judgment that realisation is more likely than not .
也许有些人觉得这非常乐观。券商法国里昂证券公司分析师迈克?马约毫不留情地质疑花旗银行是否能够创造足够的应税收益以实现这项巨额资产,他认为花旗银行该项资产的价值可能被高估了100亿美元,他曾因此遭到公司高层的反对和指责。花旗不承认他们高估了该资产。根据最新文件,他们的递延税项资产是按照管理层的判断进行确认的,最终有可能实现,而且可能性很大。
Banks with DTAs have to worry about electoral politics as well as future profits. With BarackObama and all the Republican presidential candidates either keen or at least prepared to lowerthe top rate of federal corporate tax from todays 35%, a reduction over the next year ortwo looks reasonably likely, with an outside chance of a sharp cut. Any such move would makeDTAs less valuable since future tax deductions would be worth less. With tax at 35%, a dollarof such deductions saves a company 35 cents. A cut to 20% would reduce the benefit to 20cents.
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