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  "documentTitle": "J.P.Morgan | Investment Banking Pitch Book | 33 slides",
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  "authorName": "JPMorgan",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "The slide uses a problem-solution framework to address tax efficiency in a cross-border acquisition.",
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      "text": "U.S. companies (e.g., acquirer) are taxed on worldwide income; Kerzner would pay approximately $43 million in tax in 2006 if taxed as a U.S. company; Depending on arrangement between US parent and Bahamian subsidiary, earnings could be subject to Subpart F rules",
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      "text": "Do not repatriate cash; No tax if acquirer maintains Kerzner’s existing Bahamian incorporation; Use excess cash flow from off-shore operations for additional off-shore investments; Potentially utilize target’s $300 million of U.S. NOLs to offset taxable income from repatriation",
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      "text": "1 Based on $122.8 million of estimated pre-tax net income and on the US tax rate of 35%. 2 Could represent an addition sources of value to a buyer; this value is not quantified in our analysis",
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