{"id":43872,"date":"2017-12-19T18:10:35","date_gmt":"2017-12-19T16:10:35","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/the-biggest-mistakes-in-management-investments\/"},"modified":"2017-12-19T18:10:35","modified_gmt":"2017-12-19T16:10:35","slug":"the-biggest-mistakes-in-management-investments","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/the-biggest-mistakes-in-management-investments\/","title":{"rendered":"The biggest mistakes in management investments"},"content":{"rendered":"<p><strong>Dr. Bene\u00addikt Hohaus<\/strong> \u2014 Lawyer, tax law specia\u00adlist and part\u00adner P+P P\u00f6llath + Part\u00adners, Munich<\/p>\n<p><strong>Prof. Dr. Alex\u00adan\u00adder G\u00f6tz<\/strong> \u2014 Part\u00adner Bl\u00e4tt\u00adchen &amp; Part\u00adner GmbH, Munich<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>Manage\u00adment share\u00adhol\u00addings are stan\u00addard in manage\u00adment buyout (MBO)\/leveraged buyout (LBO) tran\u00adsac\u00adtions carried out by finan\u00adcial inves\u00adtors. The goal of finan\u00adcial inves\u00adtors is to homo\u00adge\u00adnize inte\u00adrests with manage\u00adment. Employees are to become entre\u00adpre\u00adneurs. The imple\u00admen\u00adta\u00adtion of manage\u00adment<\/strong><strong>The deve\u00adlo\u00adp\u00adment of the invest\u00adment market has become incre\u00adasingly profes\u00adsio\u00adnal over the last 20 years. Nevert\u00adhel\u00adess, in prac\u00adtice, mista\u00adkes are made time and again, both in the process and in the concrete struc\u00adtu\u00adring, which can mean that the actually posi\u00adtive effect of manage\u00adment invol\u00advement does not come to frui\u00adtion or even turns into a negative.<\/strong><\/p>\n<p>In its decis\u00adion of Octo\u00adber 4, 2016 (IX R 43\/15, BStBl. II 2017, 790), the Fede\u00adral Fiscal Court has now finally confirmed the taxa\u00adtion of manage\u00adment share\u00adhol\u00addings as capi\u00adtal assets. This puts a stop to the incre\u00adasing tendency in the tax autho\u00adri\u00adties to qualify such income as&nbsp;wages.<\/p>\n<p>This decis\u00adion should now remove the basis for the frequent tax admi\u00adnis\u00adtra\u00adtion prac\u00adtice in recent years of quali\u00adfy\u00ading profits from manage\u00adment share\u00adhol\u00addings as wages and sala\u00adries. This applies in any case to the extent that the manage\u00adment share\u00adhol\u00addings corre\u00adspond or come close to the case deci\u00added. In the opinion of the Fede\u00adral Fiscal Court, the follo\u00adwing crite\u00adria are essen\u00adtial for the quali\u00adfi\u00adca\u00adtion as capi\u00adtal assets:<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"featured_media":40851,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2456,2488,2491],"product_tag":[1463,1534,1536,1540,1547],"class_list":{"0":"post-43872","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2018-en","8":"product_cat-dr-benedikt-hohaus-en","9":"product_cat-prof-dr-alexander-goetz-en","10":"product_tag-management-shareholdings","11":"product_tag-management-buyout-mbo-leveraged-buyout-lbo-transactions","12":"product_tag-dr-benedikt-hohaus-en","13":"product_tag-prof-dr-alexander-goetz-en","14":"product_tag-capital-assets","15":"pa_ausgabe-deutsch-en","16":"pa_ausgabe-englisch-en","18":"first","19":"outofstock","20":"taxable","21":"shipping-taxable","22":"purchasable","23":"product-type-variable"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The biggest mistakes in management investments - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/the-biggest-mistakes-in-management-investments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The biggest mistakes in management investments - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Management shareholdings are standard in management buyout (MBO)\/leveraged buyout (LBO) transactions carried out by financial investors. The goal of financial investors is to homogenize interests with management. Employees are to become entrepreneurs. The implementation of managementThe development of the investment market has become increasingly professional over the last 20 years. Nevertheless, in practice, mistakes are made time and again, both in the process and in the concrete structuring, which can mean that the actually positive effect of management involvement does not come to fruition or even turns into a negative. In its decision of October 4, 2016 (IX R 43\/15, BStBl. II 2017, 790), the Federal Fiscal Court has now finally confirmed the taxation of management shareholdings as capital assets. This puts a stop to the increasing tendency in the tax authorities to qualify such income as wages. This decision should now remove the basis for the frequent tax administration practice in recent years of qualifying profits from management shareholdings as wages and salaries. This applies in any case to the extent that the management shareholdings correspond or come close to the case decided. In the opinion of the Federal Fiscal Court, the following criteria are essential for the qualification as capital assets: &nbsp;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fyb.de\/en\/produkt\/the-biggest-mistakes-in-management-investments\/\" \/>\n<meta property=\"og:site_name\" content=\"FYB Financial Yearbook\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/11\/Hohaus-Benedikt.png\" \/>\n\t<meta property=\"og:image:width\" content=\"334\" \/>\n\t<meta property=\"og:image:height\" content=\"298\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/the-biggest-mistakes-in-management-investments\/\",\"url\":\"https:\/\/www.fyb.de\/en\/produkt\/the-biggest-mistakes-in-management-investments\/\",\"name\":\"The biggest mistakes in management investments - FYB Financial Yearbook\",\"isPartOf\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/the-biggest-mistakes-in-management-investments\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/the-biggest-mistakes-in-management-investments\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/11\/Hohaus-Benedikt.png\",\"datePublished\":\"2017-12-19T16:10:35+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/the-biggest-mistakes-in-management-investments\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.fyb.de\/en\/produkt\/the-biggest-mistakes-in-management-investments\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/the-biggest-mistakes-in-management-investments\/#primaryimage\",\"url\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/11\/Hohaus-Benedikt.png\",\"contentUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/11\/Hohaus-Benedikt.png\",\"width\":334,\"height\":298},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/the-biggest-mistakes-in-management-investments\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.fyb.de\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FYB Shop\",\"item\":\"https:\/\/www.fyb.de\/en\/shop\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"The biggest mistakes in management investments\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.fyb.de\/en\/#website\",\"url\":\"https:\/\/www.fyb.de\/en\/\",\"name\":\"FYB Financial Yearbook\",\"description\":\"For Your Business\",\"publisher\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.fyb.de\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.fyb.de\/en\/#organization\",\"name\":\"FYB Financial Yearbook\",\"url\":\"https:\/\/www.fyb.de\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.fyb.de\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2020\/06\/logo.svg\",\"contentUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2020\/06\/logo.svg\",\"caption\":\"FYB Financial Yearbook\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The biggest mistakes in management investments - FYB Financial Yearbook","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.fyb.de\/en\/produkt\/the-biggest-mistakes-in-management-investments\/","og_locale":"en_US","og_type":"article","og_title":"The biggest mistakes in management investments - FYB Financial Yearbook","og_description":"Management shareholdings are standard in management buyout (MBO)\/leveraged buyout (LBO) transactions carried out by financial investors. 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