Capital Recovery Options: A Response and an Note on Changes Resulting from the Tax Equity and Fiscal Responsibility act of 1982 (TEFRA).
本文比较了季度贴现与年度复利在资本回收函数中的效果，认为季度贴现更能准确描述加速成本回收制度下的实际事件，但在计算无差异贴现率时实用性有限。
Abstract The apparent improvement obtained from quarterly discounting of capital recovery functions when compared to annual compounding leads to superior relevance of data in modeling various taxpayer options. It is correct that tax payments should be more or less in balance throughout the period covered by the return, barring unusual departures from budgeted revenues and expenses. Thus, the benefits of capital recovery deductions tend to fall into a quarterly pattern rather than an annual one, and quarterly discounting of capital recovery flows is probably most descriptive of actual events. It is concluded that Quarterly discounting is probably a more accurate description of the events associated with recovering capital costs under the Accelerated Cost Recovery System than annual discounting. If all periods for which tax benefits are allowable are included in a particular model, then the quarterly discounting assumption has theoretical merit. However, with respect to the calculation of indifference discount rates related to the decision of whether to expense asset costs under Section 179 or to take an investment tax credit, the quarterly assumption offers little or no practical utility.