This book refines the features of a variety of different common law and civil law systems down to a recognizable standard CIT system, identifying in the process the system’s core strengths and problems, as well as the factors that determine its impact on corporate behavior. The author offers insightful perspectives on such crucial issues as the following: corporate group members versus corporate groups as taxable entities; anti-abuse rules and developments in judicial anti-abuse doctrines; costs associated with, e.g., valuation of assets, compliance, and administration; how certain core CIT concepts are independent of tax law; efficiency, equity, and the protection of existing property rights; the firm’s reaction to behavioral control instruments; limitations on the use of losses; depreciation and amortization rules; manipulation of legal characterization; and transfer of assets and income. The work has an interdisciplinary approach drawing on the literatures of tax law, economics, corporate law, accounting, and business management. It concludes with a set of policy guidelines that should be considered when approaching the traditionally cumbersome interaction between tax systems and corporate groups. Especially valuable to the practitioner are the book’s extensive graphic design solutions illustrating the subtleties of the operation of corporate tax laws. Analyzing the taxation of corporate groups in a user-friendly form not available in any other source, this book greatly enhances the development of advanced tax planning methods that do not disrupt the economic operation of businesses. Its comprehensive conceptual framework will greatly facilitate the work of those, from practitioners to researchers, interested in developing a practical approach to corporate income taxation applicable at a global level.

Limitation of liability for maritime claims is an important system for the shipping industry. The original rationale for such a system was to encourage the shipping enterprise. However, in our today's much changed world, the system has been under severe attack and has been described as `hopelessly anachronistic'. Yet, the debate over repeal or retention of the system is far from settled. This book traces the history and development of limitation law around the world. It compares various limitation laws in operation under different legal regimes. In particular, it analytically scrutinizes the limitation systems under U.S. law, Chinese law and international conventions. It explores the possibility of international uniformity of maritime limitation law and points out that complete uniformity will not be achieved unless the United States joins the international community. It concludes that although there is a need for reform of the system, limitation of liability for maritime claims is here to stay. This book also thoroughly examines the limitation system under the Chinese legal regime through comparison with U.S. law and in the context of international conventions. Both practitioners and academic scholars will find this book helpful in understanding Chinese law in general and Chinese maritime limitation of liability in particular.

This fourth edition addresses certain developments, including the 1996 Protocol to the 1976 Limitation Convention, which have come into effect since publication of the previous edition. The chapters on limitation of liability for passenger claims and in relation to the carriage of goods have been updated, as has the chapter on limitation regimes worldwide. The book also focuses upon the practicalities of seeking to limit by reference to case law and procedural rules.