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Under accounting rules, capital costs can be charged as expenses in small percentages over many years, while operating expenses must be declared in the year they occurred.
Under the existing rules capital gains on business assets, such as shares, are taxed at 40% unless they are held for two years when the tax rate drops to 10%.
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Massachusetts ruled capital punishment unconstitutional more than three decades ago.
Until a California judge ruled capital punishment unconstitutional last year, death-row prisoners there were seven times more likely to die of natural causes than of execution.
While Barclays says that ETNs should be subject to normal capital gains rules, others are skeptical.
Since the financial crisis of 2008, regulators have been introducing new rules on capital because they feel higher capital levels makes banks more able to weather storms.
The original Basel rules on capital adequacy sought to limit such "hybrid" capital that sits between equity and debt.
| Regulators seek stiffer bank rules on capital.
The rule is intended to complement new rules on capital.
Basle rules of capital adequacy were to be applied.
New rules on capital and liquidity are also likely to make these businesses less profitable.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com