Die typisierende Berücksichtigung der persönlichen Steuerbelastung des Anteilseigners beim Squeeze Out

For the valuation of a company it is necessary to take the income tax of its owners into account. When looking at a squeeze-out with investors who have different wealth this implies that fair compensation payments will be different. This is in contradiction to the German Stock Companies Act. In this paper we discuss how this problem can be solved in an acceptable manner and we determine different average income rates using German tax data. It can be shown that using particular weighted averages indeed lead to the proposal of an income tax rate of 35% which is required by the Association of German CPAs.