By José A. Gómez-Ibáñez
Within the Eighties and '90s many nations grew to become to the non-public quarter to supply infrastructure and utilities, similar to gasoline, phones, and highways--with the concept that market-based incentives may keep watch over charges and enhance the standard of crucial companies. yet next debacles together with the cave in of California's wholesale electrical energy marketplace and the financial ruin of Britain's greatest railroad corporation have raised troubling questions on privatization. This ebook addresses some of the most vexing of those: how can govt really and successfully keep an eye on "natural monopolies"--those infrastructure and application companies whose applied sciences make festival impractical? instead of sticking to economics, Jos? G?mez-Ib??ez attracts on historical past, politics, and a wealth of examples to supply a street map for numerous methods to rules. He makes a robust case for favoring market-oriented and contractual approaches--including inner most contracts among infrastructure prone and shoppers in addition to concession contracts with the govt performing as an intermediary--over those who provide govt regulators enormous discretion. Contracts delivers more advantageous defense for infrastructure consumers and suppliers--and higher possibilities to tailor prone to their mutual virtue. on occasion, even if, the necessities of the companies and their shoppers are too unpredictable for contracts to paintings, and substitute schemes can be wanted.
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Extra info for Regulating Infrastructure: Monopoly, Contracts, and Discretion
The safe harbor applies only if the creditor entity is not in the trade or business of making loans or advances. 30 In this event‚ all relevant factors are to be considered‚ including the amount and duration of the loan‚ the borrower’s creditworthiness‚ the riskiness of the particular project to which the loan or advance will be applied‚ etc. 31 Enforcement and Compliance From the outset‚ the 1968 regulations proved very difficult to apply‚ principally because closely comparable uncontrolled transactions or firms were generally extremely hard to come by.
37 Congress also proposed that these benefits be measured by profits‚ although the White Paper retreated from this position somewhat. 26 Chapter 2: Transfer Pricing and Valuation Regulations on January 24‚ 1992‚ and the third incorporated into the now-extant 1993 temporary regulations. These initiatives all contain specific adjustment methodologies to be applied when intangible property is transferred within a controlled group. All of them incorporate the periodic adjustment requirement discussed in the Committee Report to the 1986 Act (but ultimately omitted from the statutory changes).
Memor. 1992-561‚ 9/23/92‚ for example. 35 See‚ for example‚ Bausch & Lomb‚ Supra‚ and The R. T. French Company v. C. 836 (1973). Chapter 2: Transfer Pricing and Valuation Regulations 24 contrast‚ the IRS has sometimes taken the view that companies are able to predict the success of new products embodying the licensed intangibles (or the cost savings attributable thereto) more accurately than their projections might suggest‚ that projections can easily be manipulated to justify a desired intra-company royalty cross-charge‚ and that actual rather than projected results should therefore determine compensation on an ongoing basis.