依蔓 · 2018年12月20日
问题如下图：
看了其他人的提问，还是希望李老师能够把这块儿再讲清楚一些，答案中说The owner transfers his/her stock for cash and an ownership interest in the newly capitalized entity. 是什么意思？是在原先持股的公司主体上面再成立一个控股公司，然后把控股公司股份拿出一部分给PE？那PE举债是在哪个entity上举债呢？PE付给owner的钱又包含不包含债款呢？这个套现是通过售股并非分红啊？而且感觉只是不出售的股权部分不征税，出售给PE的都正常交税，感觉就是找了个财务投资者啊。
NO.PZ2018091705000068 Keller anJohn Hill, the sole owner of JEquipment Leasing Co. (JCH), meet to further consir alternate strategies to achieve his objectives of selling JCH, versifying his single asset concentration, minimizing taxes, anretiring within a 3−5 yetime perio Hill believes thtrates are likely to increase in the nefuture. In the course of a scussion with Hill, Keller recommen thHill meet with a reputable \"mile market\" private equity firm to scuss a leveragerecapitalization strategy. scria leveragerecapitalization strategy antermine if this strategy will accomplish Hill’s objectives. A leveragerecapitalization is a strategy thinvolves retooling a company’s balansheet in partnership with a private equity firm. A recapitalization strategy is a \"stage" exit strategy, whiallows the owner to have two liquity events, one up-front ana secontypically within a 3 to 5 yetimeframe, when the private equity firm cashes out of the investment. The private equity firm generally invests equity capitanarranges with senior or subornatelenrs. The owner transfers his/her stofor cash anownership interest in the newly capitalizeentity. This allows the owner to monetize a significant portion of his/her business equity (typically 60% to 80%) anretain significant upsi potentiwith the remaining ownership (typically 20% to 40%). The after-tprocee the investor receives coulployeinto other asset classes to help buila versifieportfolio. Aitionally, the retainestake motivates the owner to grow the business. From a tperspective, the owner is taxecurrently on the cash receiveantypically receives a tferron the storolleover into the new entity. This strategy woulappealing to a business owner consiring selling a private business in the nefuture anresing in a jurisction where trates are scheleto increase. A leveragerecapitalization strategy appears to appropriate to meet Hill’s objectives. The strategy woulallow Hill to rethe risk of his wealth concentration, generate liquity to versify his single asset concentration, minimize his tliability before trates increase, anretire in a 3-5 yetime perio 考试要回答这么详细吗？有简洁版的吗？
Keller anJohn Hill, the sole owner of JEquipment Leasing Co. (JCH), meet to further consir alternate strategies to achieve his objectives of selling JCH, versifying his single asset concentration, minimizing taxes, anretiring within a 3−5 yetime perio Hill believes thtrates are likely to increase in the nefuture. In the course of a scussion with Hill, Keller recommen thHill meet with a reputable \"mile market\" private equity firm to scuss a leveragerecapitalization strategy. scria leveragerecapitalization strategy antermine if this strategy will accomplish Hill’s objectives. A leveragerecapitalization is a strategy thinvolves retooling a company’s balansheet in partnership with a private equity firm. A recapitalization strategy is a \"stage" exit strategy, whiallows the owner to have two liquity events, one up-front ana secontypically within a 3 to 5 yetimeframe, when the private equity firm cashes out of the investment. The private equity firm generally invests equity capitanarranges with senior or subornatelenrs. The owner transfers his/her stofor cash anownership interest in the newly capitalizeentity. This allows the owner to monetize a significant portion of his/her business equity (typically 60% to 80%) anretain significant upsi potentiwith the remaining ownership (typically 20% to 40%). The after-tprocee the investor receives coulployeinto other asset classes to help buila versifieportfolio. Aitionally, the retainestake motivates the owner to grow the business. From a tperspective, the owner is taxecurrently on the cash receiveantypically receives a tferron the storolleover into the new entity. This strategy woulappealing to a business owner consiring selling a private business in the nefuture anresing in a jurisction where trates are scheleto increase. A leveragerecapitalization strategy appears to appropriate to meet Hill’s objectives. The strategy woulallow Hill to rethe risk of his wealth concentration, generate liquity to versify his single asset concentration, minimize his tliability before trates increase, anretire in a 3-5 yetime perio 老師 請問leveragerecapitalization strategy在講義第幾頁 謝謝!!
这个操作感觉不省税吧？
Keller anJohn Hill, the sole owner of JEquipment Leasing Co. (JCH), meet to further consir alternate strategies to achieve his objectives of selling JCH, versifying his single asset concentration, minimizing taxes, anretiring within a 3−5 yetime perio Hill believes thtrates are likely to increase in the nefuture. In the course of a scussion with Hill, Keller recommen thHill meet with a reputable \"mile market\" private equity firm to scuss a leveragerecapitalization strategy. scria leveragerecapitalization strategy antermine if this strategy will accomplish Hill’s objectives. A leveragerecapitalization is a strategy thinvolves retooling a company’s balansheet in partnership with a private equity firm. A recapitalization strategy is a \"stage" exit strategy, whiallows the owner to have two liquity events, one up-front ana secontypically within a 3 to 5 yetimeframe, when the private equity firm cashes out of the investment. The private equity firm generally invests equity capitanarranges with senior or subornatelenrs. The owner transfers his/her stofor cash anownership interest in the newly capitalizeentity. This allows the owner to monetize a significant portion of his/her business equity (typically 60% to 80%) anretain significant upsi potentiwith the remaining ownership (typically 20% to 40%). The after-tprocee the investor receives coulployeinto other asset classes to help buila versifieportfolio. Aitionally, the retainestake motivates the owner to grow the business. From a tperspective, the owner is taxecurrently on the cash receiveantypically receives a tferron the storolleover into the new entity. This strategy woulappealing to a business owner consiring selling a private business in the nefuture anresing in a jurisction where trates are scheleto increase. A leveragerecapitalization strategy appears to appropriate to meet Hill’s objectives. The strategy woulallow Hill to rethe risk of his wealth concentration, generate liquity to versify his single asset concentration, minimize his tliability before trates increase, anretire in a 3-5 yetime perio 为什么会产生ferrtax？卖出去的股份不是会直接转换成cash然后交capitgain tax么？谢谢老师~
收到的tferr是退出的时候再交吗？
