Search results

Property valuers are often asked to allocate portions of the market value of a property to parts of the subject property. This paper aims to illustrate that the market value of a property cannot be divided into a market value for the land and a market value for the improvement.

Apportionment methods that exist in practice are briefly addressed and shortcomings are identified. Also theory that was developed for valuation and apportionment purposes is discussed and evaluated. From a combination of theory and practice conclusions are drawn and recommendations are made.

The combination of theory and practice show that the existing apportionment methods are unreliable tools for property analysis. Some suggestions are made concerning tools that might replace apportionment in property analysis.

Apportionment plays an important role in property investment and finance decisions. Due to the International Financial Reporting Standards (IFRS) apportionment will have a strong role to play in financial reporting and through this it will influence management and investment decisions indirectly. This paper shows that apportionment methods are not reliable and that important decisions should not be based on results from apportionment methods. Valuers should no longer supply these apportionments unless the client fully understands the shortcomings of the method used. On the other hand, clients, their advisors and auditors should no longer ask for value apportionments, as there are far more reliable alternatives.

The property profession has been struggling with apportionment theory for years. At this time IFRS introduces a strong need for value apportionment. Therefore, this is the time for the property profession to thoroughly investigate the shortcomings of existing apportionment methods and to come up with alternatives. This paper is an attempt to do just that.

In the context of the negotiations for apportionment of emission reduction post‐Kyoto regime, issues of equity and fairness have emerged. The purpose of this paper is to generate a model for equitable emission reduction apportionment.

The mathematical model has been designed utilizing mitigation capacity (based on gross domestic product (GDP)) and cumulative excess emissions as the criteria for apportionment. Quantitative results have been arrived at, using cumulative γ and parabolic mitigation emission reduction trajectories to demonstrate the impact on stakeholders.

The apportionment outcomes are independent of the specific trajectory fine‐tuned in the feasibility region. Since the apportionment takes into account entitlements and the mitigation capacity, Africa and India have negligible reduction targets in tune with the development goals in these economies. Substantial reduction commitments would fall on the USA and the EU countries. China gets a moderate target due to higher emissions and GDP.

The approach is in consonance with the principle of common but differentiated responsibility enunciated in the UNFCCC and the Kyoto Protocol. The method can easily incorporate emissions trading. The issue of population as a driving factor of emissions has been partially accounted for by considering the entire national GDP as an emission reduction responsibility factor, without considering population based GDP entitlements.

The generalized framework can be extended to situations involving responsibility apportionment in public policies dealing with externalities. The framework is original and will be useful to policymakers and other stakeholders dealing with climate change, as well as researchers looking at externalities of a global or national dimension.

The theory of investment valuation does not address the issue of what should be done about income for part‐years, restricting itself instead to cases where the lengths of time involved are whole numbers of years. The market, on the other hand, does appear to have a way of dealing with this problem, although it disguises the reality of what is actually happening. This article examines the logic of the device employed (rent apportionment) and discusses its role in preserving the distinction between capital and income.

We examine whether variations in the most fundamental aspects of state corporate income tax regimes affect state economic activity as measured by personal income, gross state product, and total non-farm employment. We focus on a variety of statutory components of state corporate income taxes that apply broadly in most U.S. states and for most multi-state corporate taxpayers. Our econometric strategy consists of a series of fixed effects panel regressions using state-level data from 1996 through 2010. Our results reveal important interaction effects of tax rates and policies, suggesting that policy makers should avoid making decisions about tax rates in isolation. The results demonstrate a relatively consistent negative economic response to the combination of high tax rates with throwback rules and heavy sales factor weights. Combined reporting has no discernible effect on personal income, GSP, or employment after controlling for tax rates, apportionment, and throwback rules. In an effort to gauge the relative impacts of tax policies on the location of economic activity, we also estimate alternative models in which each state’s economic activity is measured as a share of the national economic activity in each year. Statistically significant effects for tax rates, apportionment formulas, and throwback rules in the shares models suggest that at least some of their impact involves the movement of activity across state lines, thereby leaving open the possibility of a zero-sum game among the states.

The purpose of this paper is to examine public–private partnership (PPP) approaches for the construction of rental retirement villages in Australia and to allocate the investment proportions under a certain project return rate among three investors which are the government, private sectors and pension funds. The apportionment will achieve a minimum overall investment risk for the project.

Capital structure, particularly determination of investment apportionment proportions, is one of the key factors affecting the success of PPP rental retirement villages. Markowitz mean-variance model was applied to examine the investment allocations with minimum project investment risks under a certain projected return rate among the PPP partners for the construction of rental retirement villages.

The research findings validate the feasibility of the inclusion of pension funds in the construction of PPP rental retirement villages and demonstrate the existence of relationships between the project return rate and the investment allocation proportions.

This paper provides a quantitative approach for determination of the investment proportions among PPP partners to enrich the theory of PPP in relation to the construction of rental retirement villages. This has implications for PPP partners and can help these stakeholders make vital contributions in developing intellectual wealth in the PPP investment area while providing them with a detailed guide to decision making and negotiation in relation to investment in PPP rental retirement villages.

The purpose of this study is to monitor suspended particulate matter (SPM), PM2.5 and source apportionment study for the identification of possible sources during the year 2018–2019 at Raipur, India.

Source apportionment study was performed using a multivariate receptor model, positive matrix factorization (PMFv5.0) with a view to identify the various possible sources of particulate matter in the area. Back-trajectory analysis was also performed using NOAA-HYSPLIT model to understand the origin and trans-boundary movement of air mass over the sampling location.

Daily average SPM and PM2.5 aerosols mass concentration was found to be 377.19 ± 157.24 µg/m³ and 126.39 ± 37.77 µg/m³ respectively. SPM and PM2.5 mass concentrations showed distinct seasonal cycle; SPM – (Winter ; 377.19 ±157.25 µg/m?) > (Summer; 283.57 ±93.18 µg/m?) > (Monsoon; 33.20 ±16.32 µg/m?) and PM2.5 – (Winter; 126.39±37.77 µg/m³) > (Summer; 75.92±12.28 µg/m³). Source apportionment model (PMF) have been applied and identified five major sources contributing the pollution; steel production and industry (68%), vehicular and re-suspended road dust (10.1%), heavy oil combustion (10.1%), tire wear and brake wear/abrasion (8%) and crustal/Earth crust (3.7%). Industrial activities have been identified as major contributing factor for air quality degradation in the region.

Chemical characterization of aerosols and identification of possible sources will be helpful in abatement of pollution and framing mitigating strategies. It will also help in standardization of global climate model.

The findings provide valuable results to be considered for controlling air pollution in the region.

The purpose of this paper is to report a case study in which financial feasibility integrated quality function deployment (QFD) approach was implemented.

Customer complaints were systematically gathered. The house of quality (HoQ) matrix was developed. The technical descriptors were prioritized and subjected to the financial feasibility study. The cost calculations were carried out and the actions were derived. A set of value engineering (VE) principles was used during this case study.

The study reported in this paper indicated the need for integrating financial feasibility study with QFD for enhancing the effectiveness of the method. The measures taken to prevent the customer complaints will be of considerable value to the manufacturing organizations.

During the conduct of case study, high-cost factors restricted the selection of materials which would exhibit higher performance. The case study was carried out in a single electronic switches manufacturing organization.

The manufacturing costs incurred have been reduced by incorporating changes in the part material. The outcomes of the study have been considered for further implementation in the case organisation which indicated the practicality of the study.

The concept of apportionment of HoQ cost developed with the idea of integrating the same with QFD is the original contribution of the authors.

Preface The functions of business divide into several areas and the general focus of this book is on one of the most important although least understood of these—DISTRIBUTION. The particular focus is on reviewing current practice in distribution costing and on attempting to push the frontiers back a little by suggesting some new approaches to overcome previously defined shortcomings.

Introduction The advent of the shopping centre created the need to develop more sophisticated techniques in order to apportion the service charge invariably reserved under the lease. Unlike the occupants of residential flats or office suites, individual retailers do not necessarily derive equal benefit from the services provided. For example, a jeweller's shop will derive more benefit from the security measures, than a green‐grocer's, whilst insurance apportionments are clouded by the inter‐effect of the use of one unit of accommodation upon another.1 Another complicating factor is that whilst it is the retailers that cover the cost of the services, many of the services are provided for the benefit of their customers.

This paper examines the state corporate tax implications of abnormal transfer-pricing by U.S. companies involved in international trade. The state corporate tax cost of improperly priced imports and exports is estimated through analysis of every import and export transaction for the years 2005 through 2009 using the interquartile range methodology provided in regulations to Internal Revenue Code Section 482. Calculation of the interquartile range using the entire population of international transactions addresses interpretive issues related to abnormal prices that occur with the smaller samples normally used in such analyses. A policy recommendation is made for improving tax compliance through more rigorous state involvement in transfer pricing enforcement and greater formal collaboration with the Internal Revenue Service with respect to transfer pricing.