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＜Elementary＞ Lesson No.29
Revisiting Tax Structure / 税務ストラクチャーの見直し
０．Greetings & Ice-break (2min.)｜挨拶と導入
0-1 Greetings
Let’s practice a short small talk that you can use to greet a business partner and start building a good relationship.
講師との挨拶を兼ねて、ビジネスパートナーと信頼関係を築くための短いスモールトークを練習してみましょう。
[Tips / 会話のヒント]
・Can you hear me clearly?
私の声はクリアに聞こえますか？
・How's your day going so far?
今日はどんな一日でしたか？
・Talk about one small topic (Work, Weather, News, Hometown, Sports event, etc.)
軽い話題について話しましょう（仕事、天気、ニュース、地元、スポーツイベントなど）
0-2 Introduction
In today’s lesson, we’ll learn about the following situation. Have you ever experienced something similar?
本日のレッスンでは以下のようなシチュエーションについて学びます。同様のシチュエーションを経験したことがありますか？
- If you have experience, please tell us what it was like, what was difficult, or what you learned.
経験があれば、どんな内容だったか、難しかったことや学んだことなどを教えて下さい。
- If you don’t have experience, try to imagine yourself handling that situation in English.
What do you think would be challenging?
経験がなければ、英語でその状況に対応しているところを想像してみましょう。どんなことが難しそうですか？
Situation / シチュエーション
Tax due diligence has revealed issues requiring reconsideration of the deal structure.
税務デューディリジェンスにより問題が明らかになり、取引構造の再検討が必要です
1. Read (2 min)｜型を学ぶ
Let's read the following key sentences aloud!
下記の文章や単語を順番に音読しましょう！
1-1 Basic phrases
１．I understand your...（あなたの...を理解しました）
２．Could you explain what...（何を...か説明していただけますか）
３．I see your point, but...（おっしゃることは分かりますが...）
４．We need a solution that...（...な解決策が必要です）
５．How do you plan to...（どのように...する予定ですか）
６．We estimate they could be...（...になる可能性があると見積もっています）
７．That seems fair...（それは公平に思えます）
1-2 Essential words
１．concern（懸念）
２．reduce（減らす）
３．trigger（引き起こす）
４．accept（受け入れる）
５．reasonable（合理的な）
６．handle（対処する）
７．propose（提案する）
８．share（分配する）
９．benefit（利益）
１０．confirm（確認する）
2. Try (3 min)｜ロールプレイ練習
Let’s practice the role-play.
ロールプレイの練習をしましょう！
Situation / シチュエーション（Reference again）
Tax due diligence has revealed issues requiring reconsideration of the deal structure.
税務デューディリジェンスにより問題が明らかになり、取引構造の再検討が必要です
👨💼【Teacher / Buyer's CFO】:
Thank you for meeting today. Our tax due diligence found 15 million USD in uncertain tax positions, NOL limitations from past ownership changes, and foreign subsidiary retained earnings issues. The current stock purchase structure carries too much risk for us.
（本日はお時間をいただきありがとうございます。税務デューデリジェンスの結果、1,500万ドルの不確実な税務ポジション、過去の所有権変更による繰越欠損金の制限、そして海外子会社の留保利益の問題が見つかりました。現行の株式取得構造では、当社にとってリスクが高すぎます。）
🧑🎓【Student / Seller's VP of Finance】:
I understand your concerns. Could you explain what changes you are considering to reduce those risks?
（ご懸念は理解しました。それらのリスクを減らすために、どのような変更をお考えですか？）
👨💼【Teacher / Buyer's CFO】:
We want to change to an asset deal. With a step-up in basis, we can save 20 million USD in future taxes and avoid the uncertain positions entirely. This makes much more sense for us.
（資産取引への変更を希望しています。ステップアップを得ることで、将来の税金を2,000万ドル節約でき、不確実なポジションを完全に回避できます。これは当社にとって非常に合理的です。）
🧑🎓【Student / Seller's VP of Finance】:
I see your point, but an asset deal would trigger 30 million USD in tax liability on our side. That structure is difficult for us to accept. We need a solution that works for both parties.
（おっしゃることは分かりますが、資産取引では当社側に3,000万ドルの税負担が発生します。その構造は受け入れが難しいです。双方にとって有効な解決策が必要です。）
👨💼【Teacher / Buyer's CFO】:
Fair enough. What if we propose a hybrid approach? A 338(h)(10) election with the stock purchase would give us the step-up while keeping your tax efficiency. Would that be acceptable?
（ごもっともです。それでは、ハイブリッド案を提案するのはいかがでしょうか？株式購入に338(h)(10)選択を付ければ、当社はステップアップを得られ、御社の税効率も維持できます。それなら受け入れ可能ですか？）
🧑🎓【Student / Seller's VP of Finance】:
That approach is more reasonable. However, we still have concerns about the uncertain tax positions and the foreign subsidiary issues. How do you plan to handle those specific risks?
（そのアプローチの方が合理的です。ただし、不確実な税務ポジションと海外子会社の問題については、依然として懸念があります。それらの具体的なリスクにどう対処する予定ですか？）
👨💼【Teacher / Buyer's CFO】:
We propose a 15 million USD tax indemnity escrow for the uncertain positions. We also want to complete a pre-closing reorganization to repatriate the foreign cash in a tax-efficient way. What are your thoughts on the restructuring costs?
（不確実なポジションに対しては1,500万ドルの税務補償エスクローを提案します。また、クロージング前に再編を行い、海外の現金を税効率的に本国送還したいと考えています。リストラコストについてはどうお考えですか？）
🧑🎓【Student / Seller's VP of Finance】:
The restructuring costs are a concern. We estimate they could be significant. Who would bear those expenses, and how would the savings be shared between us?
（リストラコストは懸念事項です。かなりの額になる可能性があると見積もっています。それらの費用は誰が負担し、節税効果はどのように分配されるのでしょうか？）
👨💼【Teacher / Buyer's CFO】:
We are willing to share the advisory fees 50/50. The reorganization should save around 5 million USD in taxes. We can add 2.5 million USD to the purchase price as your share of that benefit. Does that seem fair?
（アドバイザリー費用は50対50で分担する用意があります。再編により約500万ドルの節税が見込まれます。その利益の分配として、250万ドルを購入価格に上乗せできます。それは公平に思えますか？）
🧑🎓【Student / Seller's VP of Finance】:
That seems fair. One final point: we need to make sure all steps are done properly to avoid clawback risks. If we agree on the structure, timeline, and documentation requirements, we can move forward. Let me confirm with our tax team first.
（それは公平に思えます。最後に1点：クローバックリスクを避けるため、すべてのステップが適切に実施されることを確認する必要があります。構造、スケジュール、文書要件について合意できれば、前に進めます。まず当社の税務チームに確認させてください。）
👨💼【Teacher / Buyer's CFO】:
Absolutely. Let's have both tax teams work together on the details. I appreciate your willingness to find a solution that benefits both sides. We will follow up early next week with a detailed proposal.
（もちろんです。双方の税務チームが詳細について協力しましょう。双方に利益をもたらす解決策を見つけようとする姿勢に感謝します。来週初めに詳細な提案をフォローアップいたします。）
3. Use (4 min)｜ロールプレイ & 実践（空欄補完）
Let's perform the role-play and fill in the blanks by translating the Japanese into English!
空欄の日本語を英語に訳しながら、ロールプレイを実践してみましょう！
Situation / シチュエーション（Reference again）
Tax due diligence has revealed issues requiring reconsideration of the deal structure.
税務デューディリジェンスにより問題が明らかになり、取引構造の再検討が必要です
👨💼【Teacher / Buyer's CFO】:
Thank you for meeting today. Our tax due diligence found 15 million USD in uncertain tax positions, NOL limitations from past ownership changes, and foreign subsidiary retained earnings issues. The current stock purchase structure carries too much risk for us.
🧑🎓【Student / Seller's VP of Finance】:
I understand your ［懸念］. Could you explain what changes you are considering to ［減らす］ those risks?
👨💼【Teacher / Buyer's CFO】:
We want to change to an asset deal. With a step-up in basis, we can save 20 million USD in future taxes and avoid the uncertain positions entirely. This makes much more sense for us.
🧑🎓【Student / Seller's VP of Finance】:
I see your point, but an asset deal would ［引き起こす］ 30 million USD in tax liability on our side. That structure is difficult for us to ［受け入れる］. We need a solution that works for both parties.
👨💼【Teacher / Buyer's CFO】:
Fair enough. What if we propose a hybrid approach? A 338(h)(10) election with the stock purchase would give us the step-up while keeping your tax efficiency. Would that be acceptable?
🧑🎓【Student / Seller's VP of Finance】:
That approach is more ［合理的な］. However, we still have ［懸念］ about the uncertain tax positions and the foreign subsidiary issues. How do you plan to ［対処する］ those specific risks?
👨💼【Teacher / Buyer's CFO】:
We propose a 15 million USD tax indemnity escrow for the uncertain positions. We also want to complete a pre-closing reorganization to repatriate the foreign cash in a tax-efficient way. What are your thoughts on the restructuring costs?
🧑🎓【Student / Seller's VP of Finance】:
The restructuring costs are a ［懸念］. We estimate they could be significant. Who would bear those expenses, and how would the savings be ［分配される］ between us?
👨💼【Teacher / Buyer's CFO】:
We are willing to share the advisory fees 50/50. The reorganization should save around 5 million USD in taxes. We can add 2.5 million USD to the purchase price as your share of that benefit. Does that seem fair?
🧑🎓【Student / Seller's VP of Finance】:
That seems fair. One final point: we need to make sure all steps are done properly to avoid clawback risks. If we agree on the structure, timeline, and documentation requirements, we can move forward. Let me ［確認する］ with our tax team first.
👨💼【Teacher / Buyer's CFO】:
Absolutely. Let's have both tax teams work together on the details. I appreciate your willingness to find a solution that benefits both sides. We will follow up early next week with a detailed proposal.
4. Challenge (7 min)｜応用実践
Let's perform the role-play and fill in the blanks by translating the Japanese into English!
空欄の日本語を英語に訳しながら、ロールプレイを実践してみましょう！
*Let's practice this part repeatedly until we can speak it smoothly.
このパートはスムーズにスピーキングできるようになるまで繰り返し練習しましょう。
Situation / シチュエーション（Reference again）
Tax due diligence has revealed issues requiring reconsideration of the deal structure.
税務デューディリジェンスにより問題が明らかになり、取引構造の再検討が必要です
👨💼【Teacher / Buyer's CFO】:
Thank you for meeting today. Our tax due diligence found 15 million USD in uncertain tax positions, NOL limitations from past ownership changes, and foreign subsidiary retained earnings issues. The current stock purchase structure carries too much risk for us.
🧑🎓【Student / Seller's VP of Finance】:
［ご懸念は理解しました。］ Could you explain what changes you are considering to reduce those risks?
👨💼【Teacher / Buyer's CFO】:
We want to change to an asset deal. With a step-up in basis, we can save 20 million USD in future taxes and avoid the uncertain positions entirely. This makes much more sense for us.
🧑🎓【Student / Seller's VP of Finance】:
［おっしゃることは分かりますが、資産取引では当社側に3,000万ドルの税負担が発生します。］ That structure is difficult for us to accept. ［双方にとって有効な解決策が必要です。］
👨💼【Teacher / Buyer's CFO】:
Fair enough. What if we propose a hybrid approach? A 338(h)(10) election with the stock purchase would give us the step-up while keeping your tax efficiency. Would that be acceptable?
🧑🎓【Student / Seller's VP of Finance】:
That approach is more reasonable. However, we still have concerns about the uncertain tax positions and the foreign subsidiary issues. ［それらの具体的なリスクにどう対処する予定ですか？］
👨💼【Teacher / Buyer's CFO】:
We propose a 15 million USD tax indemnity escrow for the uncertain positions. We also want to complete a pre-closing reorganization to repatriate the foreign cash in a tax-efficient way. What are your thoughts on the restructuring costs?
🧑🎓【Student / Seller's VP of Finance】:
The restructuring costs are a concern. We estimate they could be significant. Who would bear those expenses, and how would the savings be shared between us?
👨💼【Teacher / Buyer's CFO】:
We are willing to share the advisory fees 50/50. The reorganization should save around 5 million USD in taxes. We can add 2.5 million USD to the purchase price as your share of that benefit. Does that seem fair?
🧑🎓【Student / Seller's VP of Finance】:
That seems fair. One final point: we need to make sure all steps are done properly to avoid clawback risks. If we agree on the structure, timeline, and documentation requirements, we can move forward. Let me confirm with our tax team first.
👨💼【Teacher / Buyer's CFO】:
Absolutely. Let's have both tax teams work together on the details. I appreciate your willingness to find a solution that benefits both sides. We will follow up early next week with a detailed proposal.
\ If you have some extra capacity, give it a try（余力があればやってみましょう）/
5. Real-world application (5 min)｜実務応用
Let's speak freely with the phrases and flow we learned today. If you can, imagine your real job—it makes practice more effective.
本日学習した単語やフレーズ、会話の流れを思い出しながら、自由に話してみましょう。可能であれば、自身の実務を想像しながら話すと効果的です。
Situation / シチュエーション
The buyer's CFO has identified significant tax risks in the current stock purchase structure, including uncertain tax positions and foreign subsidiary issues.
The seller's VP of Finance is concerned about the tax burden of an asset deal but is open to a hybrid solution that benefits both parties.
買い手のCFOは、現行の株式取得構造において、不確実な税務ポジションや海外子会社の問題など、重大な税務リスクを特定しました。
売り手の財務担当副社長は、資産取引の税負担を懸念していますが、双方に利益をもたらすハイブリッド案には前向きです。
👨💼【Teacher / Buyer's CFO】:
We need to finalize the tax structure for this acquisition. Can you walk me through your position on the 338(h)(10) election, the escrow arrangement, and the cost-sharing proposal?
（この買収の税務構造を確定する必要があります。338(h)(10)選択、エスクロー取り決め、費用分担案について、あなたの立場を説明していただけますか？）
🧑🎓【Student / Your Role】:
(Free Speaking based on today's lesson)
Hints / ヒント
１．Explain the hybrid approach benefits（ハイブリッド案の利点を説明する）
２．Discuss the escrow for uncertain positions（不確実なポジションに対するエスクローについて議論する）
３．Propose cost-sharing and price adjustment（費用分担と価格調整を提案する）
４．Confirm next steps with tax teams（税務チームとの次のステップを確認する）
※This is not a role-play. Please speak until you finish your thoughts.
このパートはロールプレイ形式ではありません。最後まで通して話してみましょう。
6. Wrap-up (2 min) ｜レッスンの振り返り
Let's review today's lesson with your teacher!
今日のレッスンについて講師と振り返ってみましょう！
6-1 Comments from student
・Good points / 良かったところ・上手くできたところ
・Things to work on / 今後強化したいところ
6-2 Feedback from teacher
・Good points / 良かった点
・Things to work on / 今後の強化ポイント
・What to review / 復習ポイント
*6-3 Questions from student (if any)
Japanese translation（日本語訳）
1. Read (2min)（型を学ぶ）｜基本フレーズ
2. Try (4min)（ロールプレイ練習）｜型を使った練習
Let’s practice the role-play.
ロールプレイの練習をしましょう！
3. Use (7min)｜応用
Let’s perform the role-play and filling in the missing English!
英語を補完しながら、ロールプレイを実践してみましょう！
4. Challenge (7min)｜実践
Let’s perform the role-play and filling in the missing English!
英語を補完しながら、ロールプレイを実践してみましょう！
5. Wrap-up (3min) – レッスンの振り返り
"Let’s review today’s lesson with your teacher!”
「今日のレッスンについて講師と振り返ってみましょう！」
5-1. Comments from Student
- Good points / 良かったところ・上手くできたところ
- Things to work on / 今後強化したいところ
5-2. Feedback from Teacher
- Good points / 良かった点
- Things to work on / 今後の強化ポイント
- What to review / 復習ポイント
5-3. Question from Students (If any)
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