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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 66 slides",
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      "text": "There are several reasons why share buybacks are generally more tax efficient than dividends for tax-sensitive shareholders: Buybacks do not force shareholders to recognize taxable income; Buybacks generally permit shareholders to utilize the tax basis in their shares to offset some or all of the gain recognized; Buybacks generally result in capital gain which can be offset by capital losses; Buybacks result in capital gain which is tax-exempt for non-US shareholders.",
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      "text": "The relative tax advantages of share buybacks have become more significant for a number of reasons: Downturn in equity markets; Increase in tax rates on dividends; Recent tax law change regarding 30% withholding tax on non-US shareholders.",
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      "text": "While many companies may be compelled to maintain dividends for various reasons, there are alternative structures that can be considered to create synthetic yield for investors. Goldman Sachs is a leader in executing these structures.",
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      "text": "Companies considering making substantial cash distributions to shareholder should also consider accelerating timing of such distributions to precede future tax rate increases.",
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      "text": "Although the tax advantages of buybacks over dividends were diminished by the original Bush Administration tax cuts in 2003, there are still significant tax advantages of buybacks for most tax-sensitive shareholders... and the relative tax advantages of buybacks are likely to grow in future years as tax rates rise",
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