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They estimate the taxable income from these data and the. factors of the apportionment formula . They find that the tax liabilities of US multi- ......
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232], the tax element according to Holzman's formula would be still higher. ... For example, Holzman's estimate of a 15 or 20 per cent market rate in the ......
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tutes an estimate of the pre- tax rate of return and thus the formula for its. derivation can be related directly to the method of estimation used in Kay's ......
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