英语翻译B.Decision to Own versus RentIn most states property is

英语翻译
B.Decision to Own versus Rent
In most states property is exempted from property taxes only if it is owned by thenonprofit and is used for purposes that make it eligible for a property taxexemption.Given that the property tax exemption reduces the cost of owning abuilding,it would be expected that the exemption would influence a nonprofit'sdecision to own versus rent space,assuming that nonprofits made such adecision based on economic grounds,i.e.,a desire to minimize costs.Cordes,Gantz,and Pollak (2002) present the theory behind such a decision.The rentalor user cost per dollar for a for-profit landlord is given by the followingequation
c/q=r+g(1-ta)/(1-t)+n
where c is the gross market rent charged per dollar invested,q is the value of the property,r is the before tax cost of capital,8 is the economic depreciation rate,t isthe tax rate,a is the percent of depreciation that can be claimed for incometax purposes,and i is the property tax rate.
If the nonprofit owned the building then
c*/q=r+g
It would be better to own than rent if c/q一c*/q>0,or if
n-gt(a-1)/(1-t)>0
If a=1,i.e.,tax depreciation was equal to economic depreciation,then thenonprofit would save by owning.But as a increases,the second term getslarger.Thus,if for-profit firms are allowed significantly accelerateddepreciation,i.e.,if a is very large,then the nonprofit would be better offrenting.When a is very large,the depreciation allowance provides asubstantial tax subsidy to the for-profit landlord.When the federal governmentin the early 1980s adopted accelerated depreciation for buildings,there were examplesof nonprofit organizations selling buildings to for-profit firms and thenleasing the building back.

在大多数州房地产免征房产税仅当它是属于thenonprofit和用于的目的,使其符合taxexemption属性.
考虑到财产免税降低成本拥有在建造中的,可以预计,豁免将影响一个非营利的决定自己的和租空间,假设非营利组织做了这样的决定基于经济层面,即.
,一个想要最小化成本.
Cordes,Gantz,Pollak(2002)目前这样的决定背后的理论.
rentalor每美元的用户成本对于一个营利性的房东是followingequation给出的
c / q = r + g(1 ta)/(跳)+ n
其中c是总市场租金支付每投资1美元,问是物业的价值,r是税前资本成本,8是经济折旧率,t是税率,是的折旧,可以为incometax用途,并声称我是财产税率.
如果非营利组织拥有建筑然后
c * / q = r + g
它将是更好的比租金如果c /问一c * /问> 0,或者如果
n gt(a - 1)/(跳)> 0
如果一个= 1,即.
、税收折旧等于经济折旧,然后thenonprofit将节省拥有.
但是作为一个增加,第二学期getslarger.
因此,如果盈利性公司允许,即accelerateddepreciation显著.
,如果是非常大的,然后会更好offrenting非营利组织.
当一个是非常大的,折旧津贴提供税收补贴南北部盈利性的房东.
当联邦governmentin 1980年代早期采用加速折旧为建筑,有更为非营利组织销售建筑和thenleasing营利性机构的重建.