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PART V: INVESTMENT IN CAPITAL ASSETS

Economic Stimulus Act (ESA) of 2008   CCH Tax Briefing.

SPECIAL REPORT:  Economic Stimulus Act (ESA) of 2008   May affect business tax payments, capital budgeting decisions, and/or borrow-to-buy vs. leasing decisions.

SPECIAL REPORT:  Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)   May affect business tax payments, capital budgeting decisions, and/or borrow-to-buy vs. leasing decisions.

SPECIAL REPORT:  Job Creation and Worker Assistance Act of 2002 (JCWAA)    May affect business tax payments, capital budgeting decisions, and/or borrow-to-buy vs. leasing decisions.

Link-sets

Tax

TI BAII PLUS™ Information



• Baseline: The Project Management Center. Case studies, tools and "best practices" for better project and process management.
  http://www.baselinemag.com/
• Benefit-Cost Analysis Guide. Excellent capital-budgeting guide courtesy of the Treasury Board of Canada Secretariat. (PDF version)
  http://www.tbs-sct.gc.ca/fin/sigs/Revolving_Funds/bcag/BCA2_E.asp
• DepreciationBonus.org. One-stop web clearinghouse for information about the capital investment incentives in the 2008 Economic Stimulus Act (plus some information about older "bonus depreciation" programs too).
  http://www.depreciationbonus.org/
• Capital Budgeting Calculator. Online calculator courtesy of Mark A. Lane, Ph.D.
  http://www.zenwealth.com/BusinessFinanceOnline/CB/CBCalculator.html
• "Capital Budgeting and Initial Cash Outlay (ICO) Uncertainty". Article from "Financial Decisions" addresses how to properly treat ICO uncertaining in the capital budgeting process. Also uses sensitivity analysis to illustrate the impact of ICO risk.
  http://www.financialdecisionsonline.org/current/EhrhardtWachowicz.pdf
• "Capitalize or Expense? Depreciate or Not?". Informative article courtesy of FixedAssetInfo.com helps you determine the correct accounting treatment in the following three situations: 1) capitalize and depreciate; 2) capitalize and do not depreciate; or 3) expense.
  http://www.fixedassetinfo.com/articles/capexp.asp
• Business Valuation Techniques Information at Business.com. Links to information on analytical approaches to valuing a firm, including cash flow, economic value added, ratio comparison and valuing equity as an option.
  http://www.business.com/directory/financial_services/ investment_banking_and_brokerage/mergers_and_acquisitions_manda/ business_valuation_techniques/
• CCH Business Owner's Toolkit. Information on financing, taxes, regulations, laws, and marketing. Visit Deciding to Make a Major Purchase to learn about "capital budgeting." Also, check out Recapture of Depreciation Deductions.
  http://www.toolkit.cch.com/
• Complimentary Software. Look on the left side of this page for links to FREE software designed to accompany Analysis for Financial Management text by Prof. Robert Higgins. DCF performs a discounted cash flow analysis of user-supplied cash flows. Output consists of six figures of investment merit, including Net Present Value and Internal Rate of Return, a Net Present Value Profile and a Cash Flow Diagram.
  http://highered.mcgraw-hill.com/sites/0073041807/student_view0/index.html
• Depreciation 101. Nice introductory tutorial on depreciation.
  http://www.fixedassetinfo.com/classes/part1/participate.asp
• Depreciation Calculator. Cool on-line depreciation calculator provided by FixedAssetInfo.com.
  http://www.fixedassetinfo.com/defaultCalc.asp
• Draw an NPV Profile. An interactive web site courtesy of WIMS (WWW Interactive Mathematics Service) at wims.unice.fr will enable you to draw, save, and print net present value (NPV) profiles. Treat NPV as the y variable and the discount rate as the x variable. Try doing an NPV profile for the following pattern of cash flows: t = 0 (-$10,000); t = 1 (+$5,000); and t = 2 (+$12,000). Go to the WIMS module and click on "Go to work." At "y =" type: -10000 +5000*(1+x)^-1 +12000*(1+x)^-2. Set the "x variable" range from 0 to .50; and, set the "y variable" range from -2000 to 8000. http://wims.unice.fr/~wims/wims.cgi?module=tool/geometry/animtrace.en
• Environmental Managment Accounting (EMA). A source of comprehensive information on Environmental Management Accounting (EMA) for the international community.
  http://www.emawebsite.org/
• Executive Guide: Leading Practices in Capital Decision-Making. This U.S. General Accounting Office (GAO) special report (GAO/AIMD-99-32) has some really excellent capital budgeting advice and examples for both private- and public-sector organizations.
  http://www.gao.gov/special.pubs/ai99032.pdf
• Free Excel Spreadsheets. A huge selection of free Excel spreadsheets -- many useful for capital budgeting analysis.
  http://www.exinfm.com/free_spreadsheets.html
• The HBS Toolkit: Lifetime Customer Value Calculator. Downloadable interactive workbook from the HBS Toolkit is designed to help estimate the cost of acquiring a customer and the Net Present Value (NPV) of that customer's business during his or her economic life.
  http://hbsworkingknowledge.hbs.edu/item.jhtml?id=1436&t=marketing
• "How Do CFOs Make Capital Budgeting and Capital Structure Decisions?". Compressed version of a paper that won the Jensen prize for the best JFE paper in corporate finance in 2001.
  http://faculty.fuqua.duke.edu/~charvey/Research/Published_Papers/P76_How_do_CFOs.pdf
• Investment Science. A resource for anyone interested in the field of investment science and real options: business executives, academia, and individual investors.
  http://www.investmentscience.com/
• Linear Interpolation Equation Formula Calculator. Sometimes we are forced to use trial-and-error plus interpolation to find the approximate Internal Rate of Return (IRR) for a project. This online calculator helps you with the interpolation.
  http://www.ajdesigner.com/phpinterpolation/linear_interpolation_equation.php
• MBA's Guide to Microsoft Excel. Scroll down the page until you find FREE access to this eBook -- courtesy of Stephen L. Nelson, CPA.
  http://www.stephenlnelson.com/free_stuff.htm
• NCEDR Tools: Cost-Benefit Analysis. National Center for Environmental Decision-Making Research (NCEDR) provides a number of cost-benefit analysis modules aimed at helping foster better environmental decision making at local, state, and regional levels.
  http://www.ncedr.org/tools/othertools/costbenefit/lead.htm
• Net Present Value Analysis. Sir, NPV Analysis, Sir! "Using Net Present Value Analysis" discussion courtesy of Defense Procurement section at the Department of Defense.
  http://www.acq.osd.mil/dpap/cpf/docs/contract_pricing_finance_guide/vol2_ch9.pdf
• Net Present Value Calculator. Courtesy of Investopedia.com.
  http://www.investopedia.com/calculator/NetPresentValue.aspx
• Net Present Value Calculator. Courtesy of the University of New Brunswick Transportation Group.
  http://www.unb.ca/web/transpo/mynet/npv.htm
• The NPV Function Doesn’t Calculate Net Present Value | Excel Blog. Some excellent advice on how to correctly use Excel's NPV function.
  http://www.tvmcalcs.com/blog/comments/the_npv_function_doesnt_calculate_net_present_value/
• The President's Commission to Study Capital Budgeting. Contains an interesting report (with supporting material) on capital budgeting issues in both the private and public sectors.
  http://clinton3.nara.gov/pcscb/
• The Project Management Institute (PMI). The leading nonprofit professional association in the area of Project Management. Learn about Project Management standards, seminars, educational programs, professional certification, and more.
  http://www.pmi.org/
• real-options.de. Information site on all topics related to the real options approach to valuation and strategic management.
  http://www.real-options.de/
• Real Options in Petroleum. Comprehensive site dedicated to the real (or "managerial") options approach to capital investment decision making in general and especially in petroleum exploration and production.
  http://www.puc-rio.br/marco.ind/main.html
• Research Randomizer. Instant random sampling and random assignment -- designed to assist researchers and students who want to perform random sampling.
  http://www.randomizer.org/
• Risk Resources Center. Articles, stories, example models, primers, and more to help you learn about the concepts and applications of spreadsheet risk analysis and forecasting.
  http://www.decisioneering.com/risk-analysis-software.html
• studyfinance.com. Visit this site's Overview (Tutorial) related to Capital Budgeting.
  http://www.studyfinance.com/
• Tax Web Sites
  1. 1040.COM Home Page. Tax information, forms, instructions, and publications.
     http://www.1040.com
  2. Corporation Income Tax Brackets and Rates, 1902-2002. Nice article and table from the IRS gives the history of Federal income tax brackets and rates from 1902 through 2002.
     http://www.irs.gov/pub/irs-soi/02corate.pdf
  3. Federation of Tax Administrators. Provides a wealth of state tax research and information.
     http://www.taxadmin.org/
  4. Sister States Tax Directory. Links to state tax forms, publications and information for all 50 states, the District of Columbia, New York City, and U.S. Territories.
     http://www.sisterstates.com/
  5. Small Business Taxes & Management. Great tax and management guidance for small and medium-sized businesses. See especially, Federal Depreciation Rates and Corporate and Individual Tax Rates.
     http://www.smbiz.com/
  6. Tax and Accounting Sites Directory. Dennis Schmidt provides this comprehensive index as a "starting point" for tax and accounting subject searches.
     http://www.taxsites.com/
  7. Tax Facts. Great source of current and historical tax information plus analyses -- a projest of the Urban Institute and the Brookings Institution.
     http://www.taxpolicycenter.org/taxfacts/
  8. The Tax Foundation: U.S. Federal Individual Income Tax Rates History, 1913-Present.
     http://www.taxfoundation.org/publications/show/151.html
  9. Tax Governance Institute. KPMG's Tax Governance Institute is an open forum for board members, corporate management, stakeholders and government representatives to share knowledge regarding the oversight, management, and appropriate disclosure of tax risk.
     http://www.taxgovernanceinstitute.com/
  10. "Tax Resources on the Internet". The online version of this article, from "Investment Advisor" magazine, not only refers you to some excellent web-site sources of tax information, but has live links to those sources.
      http://www.investmentadvisor.com/issues/2005_11/special_report/5554-1.html
  11. Taxes -- Essential Links.
      http://www.el.com/elinks/taxes/
  12. U.S. Internal Revenue Service.
      http://www.irs.ustreas.gov/
  13. U.S. Tax Code On-Line. Allows access to the complete text of the U.S. Internal Revenue Code.
      http://www.fourmilab.ch/ustax/ustax.html
  14. Yahoo! Tax Center. Links to tax explanations, tips on reducing taxes, tax forms, and more.
      http://taxes.yahoo.com/
• TI BAII PLUS™ Business Calculator Information
  1. BAII PLUS Tutorial. Courtesy of Dr. Timothy Mayes
     http://clem.mscd.edu/~mayest/calculators/baiiplus.htm
  2. Guidebook -- TI BAII Plus. Guidebooks in English, Chinese, Italian, and Portuguese.
     http://education.ti.com/us/product/tech/baii/guide/guides.html
• Understanding Net Present Value Analysis. University of Waterloo site developed to help students understand the concepts that comprise Capital Budgeting.
  http://tlc.uwaterloo.ca/projects/NPV/index.html
• Z-Score and Normal Distribution Java Applets. Links to Java applets useful for finding probabilities related to normal distributions.
  http://psych.colorado.edu/~mcclella/java/zcalc.html

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