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Real Estate Finanace - Chapter 4 - Government Policy & Real Estate - Rooks&#= 13;

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Real Estate Finanace - Chapter 4 - Government Policy & Real Estate - Rooks&#= 13;

PowerPoint Presentation

Sep-07&#= 13;

Real Estate Finanace - Chapter 4 - Government Policy & Real Estate - Rooks&#= 13;

Govern= ment Influence in Two Areas

nThe government has very direct influence over the money supply in two areas;

n 1. Fiscal Policy

n 2. Monetary Policy

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Real Estate Finanace - Chapter 4 - Government Policy & Real Estate - Rooks&#= 13;

Fiscal Policy

PowerPoint Presentation

Sep-07&#= 13;

Real Estate Finanace - Chapter 4 - Government Policy & Real Estate - Rooks&#= 13;

Spending & Debt Financing

= When the government spends = more money than they take in through their various resources, a shortfall known as the federal deficit results.<= span style=3D'mso-spacerun:yes'> The United States has had a deficit in most years since the great depression of the 1930’s.

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Spending & Debt Financing ~ 2

nTo cover this deficit the Treasury issues interest-bearing securities for sale to investors. <= /span>These securities are referred to Treasury Bills when less than one year, = and Treasury Notes when one to five years., and Treasury Certificates when five to ten years. In e= ffect the federal government is borrow= ing from the private sector. This makes less money available for investing in the private sector.

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Real Estate Finanace - Chapter 4 - Government Policy & Real Estate - Rooks&#= 13;

Spending & Debt Financing

= nThere are mixed reviews by economists concerning the effect of= the federal deficit on interest rates. Some believe that the deficit causes interest rates to increase, others that the deficit has no effect = on interest rates. There is evidence to support both areas of belief. Regardless, the fact is that when= the government borrows there is less money for the private sector.

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Real Estate Finanace - Chapter 4 - Government Policy & Real Estate - Rooks&#= 13;

Taxation

= The second element of fiscal policy is taxation. When taxes are high, taxpayers have less money to spend and invest. When taxes are high investor tend to invest what money they have in tax exempt vehicles. Since real = estate and Mortgage Backed Securities are taxable investments the higher tax has a significant effect on residential finance.

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Taxation ~2

nThe primary purpose of taxation is to raise revenue to support the government. Currently some provisions of the income tax laws are used to implement social policy. = This is accomplished through tax exemptions, and exclusions. Following we will look at some provisions in the federal tax code that effect the demand for real esta= te, and consequently have an effect on interest rates.

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Real Estate Finanace - Chapter 4 - Government Policy & Real Estate - Rooks&#= 13;

The Federal Deficit or Surplus

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eTe5CD5ZVqfAiMgwlEpiVsxWImpIlET/uZJ/EYY/OZVBGZW755RJeXu4tnu6twXEYIV12HrWh09z GI/OBxGYYZY2RUBneXBi+Yd34pZyqYwUxJWrpxQmOZNyeTySaJfhBo/iRpZ7qWx5OZMA+Yg82JZp WZU+B5be2BeMSTmDOYac6JdqSYcHYZlheZI0SXFd6ZkhoZmPeVORKXd8sSfjB5WSCY54uRPwcZqW wBNfQJMneZlzSJtluZkvaSS1qZucmXZ2uHiReJR7RTvh95rFuZq3CZMAhY6Vo5pROW7OWUyZuT2H aY0uN5I5aToVpJ27qYw1qZPiWSZXmZXQCJ1pck3mOXGlQZzlqZ6JwpM9KW/CKZTouZOjIKmXmdGd 9GmcycmfPumdsWCSszmesqmV+BSgJJmesZIAADs= ------=_NextPart_01C7F097.75004B70 Content-Location: file:///C:/591244C5/4GovernmentPolicyandREFinance_files/slide0055.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" PowerPoint Presentation

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Deduction of
Home Mortgage Interest

Tax payers who own a home are allowed to deduct the interest they pay on their mortgage from their= taxable income,&n= bsp; which ultimately reduces the amount of taxes that they have to pay. This tax savings has two very beneficial effects for the homeowner;

n 1. Their after tax house payment is less

n 2. Their after tax interest rate is less

This mortgage interest deductions helps the government to encourage home ownership.

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Limits on Deductibility

= = An owner can deduct all of the interest paid on loans fro buying, building, or improving first and secon= d = residences, as long as the loans don’t add u= p to more than $ 1,000,000 ($500,000 for married taxpayers filing separately). The same taxpayer can = also deduct interest paid on home equity loans of up to= $100,000 (= $50,000 for a married taxpayer filing separately), without regard to the purpose of the loan.

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Limits on Deductibility

= In theory if a homeowner ha= d an equity loan of $200,000 the interest on the first $100,000 = could be used as a tax deduction, but not the&n= bsp; interest on the second $100,000.

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Exclusion of Gain Persona= l Residence

A tax payer who sells his or her principal residence may exclude a gain of up to $250,000 for a single = taxpayer or $500,000 for a married couple a joint = return.

The rule is that they have to have lived in the property as a personal residence for two of the la= st five years. This exclusion can be used over and over under current law. There is a restriction on the loss upon the sale of a personal residence, none is currently allowed.

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Eligibility

nIf the sellers are married and = filing jointly both must meet t= he requirement to have lived in the property for two of the last five years. If only one meets the residency requirement the deduction is limited to = $250,000.

nBecause the exclusion is good f= or two of the last five year the exclusion can be taken once every two years. No hop scotch rules are currently in the code.

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Cost Recovery for Investors

nCost Recovery for income property owners, to us depreciation, allo= ws the owner to deduct a portion of the property or its components as allowed in the IRC code.

nResidential Income Property is depreciated over a period of 271/2 years, while commercial properties are depreciated over a period of 39 years.

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Cost Recovery for Investors ~ 2

= nCost recovery exists in many industries, in real estate we use the cost recovery on the improvement only, never the land. We ass= ign a percentage of value to the improvement from the total cost of the real estate and divide that by the appropriate method of <= /span>depreciation. Currently that is only straight <= /span>line depreciation.

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Cost Recovery for Investors ~ 3

nIf you were to purchase a $1,000,000 apartment building, and you estimated a 70% improvement valu= e you would have the following;
Cost X % =3D Improvement Value

n$1,000,000 X 70% =3D $700,000

n$700,000/271/= 2 Year= s =3D $25,455 a year

nEach year the owner of this building would have the privilege of deducting $25,455 first from the earn= ing of the building and then from their ordinary income, but not to exceed $25,000 a year from their ordinary income. (a= ctually a little more involved than that).

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19

Monetary Policy

nThe “Fed” exercises considerable control over the nations money supply. This is a meth= od the federal government uses to= keep the economy running smooth= ly.

nMonetary policy is set and implemented by the Federal Reserve System, the “Fed”.&nb= sp; The Federal Reserve System regulates commercial banks, its responsibility for monetary policy grew from this = role of regulating commercial banking.

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The Federal Reserve System

nThere was very little government involvement in bank in the early part of the 19th century.

nThe security of deposits depended on the integrity of the bank managers. Seriou= s problems developed periodically. Bank= s would often loan all of their deposits and when a depositor needed to make a withdrawal there were no funds.

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Historical Background

nIn 1863 Congress passed the National Bank Act, which established basic regulations for the supervision of commercial banks.

nStill the public lacked confidence in banks, periodically there were “Money Panics”, which were recessions or depression, caused by a lack of confidence of the depositors who would panic and withdraw their funds, which the banks had loaned t= o others. The depositors who did not withdraw their = money became the real losers.

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The Federal Reserve System

nImproving the system involved improving the public= s’ confidence in the system. Th= is caused a growing support fo= r the creation of a central bank for the U.S., similar to the central banks of many other successful countries.

nThe general public was hostile = toward central banking, and Wall = Street issues, a series of financial losses in the bank panics of 1907 caused the public to begin to embrace a national banking system.

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23

Federal Reserve Acts of 1913 ~ 1916

nIn these acts the Congress crea= ted the Federal Reserve System= and established the modern banking system.&nb= sp; Reserve requireme= nts were established, normally 10% of all deposits have to be immediately available, additional the Fed would regulate commercial banks= by performing periodic bank examinations to see th= at the bank was keeping a responsible position by following the regulations. If there were a greater run than the 10% reserve, the Fed would act as an emergency lender, providing short term funds.

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Federal Deposit Insurance Corpora= tion

= nEven with all of this involvement there were money panics and runs on banks. To create a greater confidence in the banking system the Fed came up w= ith the Federal Deposit Insurance Corporation which initially insured, by the U.S. Government, each ac= count up to $100,000.&n= bsp; This gave the public the confidence they needed and stopped the runs on banks.

nFor the Federal Savings and Loan there was created a similar insurance, the Federal Savings and Loan Insurance Corporation.

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25

Organization

=

nChecks and balances w= ere created in the system to avoid centralization of too much power. The structure was orga= nized in three ways;

n 1. Geographically

n 2. Between the Public & Government = Sectors

n 3. Among Bankers, Business, and the Public

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Organization ~ 2

nChecks and balances were created in the system to avoid centralization of too much power. The structure was organized in three ways;

1.Geographic= ally

2.Between the Public & Government Sectors

<= span style=3D'mso-special-format:"numbullet3\,1";color:#3333CC;mso-color-index:= 7; position:absolute;left:-7.5%;top:.61em;font-size:60%'>3.Among Banke= rs, Business, and the Public

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Organization ~ 3

nThe Federal Reserve System is made up of:

nTwelve regional Federal Reserve Banks in twelve Federal Reserve Districts.

n1. The Fed= eral Reserve Board

n2. The Fed= eral Open Market Committee

n3. The Fed= eral Advisory Council

n4. Over 5,= 000 member banks

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Organization ~ 4

nThe system is governed by a 7 m= ember Board of Governors, known = as the Federal Reserve Board. These= = governors are appointed by the U.S. President, the= n confirmed by the Senate for 14 year terms. These = governors must be chosen from different Federal = Reserve Districts.

nThe chairman of the board is ch= osen from amount the governo= rs for a 4 year term. The cha= irman can be reappointed repeat= edly.

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Organization ~ 4

nThe governors set reserve requirements for commercial banks and effectively control the discount rate set by = the Federal Reserve Banks.

nAll of the Federal Banks are in= volved in monetary policy= . Each reserve bank researches the = needs for their district and appoi= nts one banker to be a member of= the = Federal Advisory Council. The Advisory Council meets with the Board of Governors regarding moneta= ry = policy.

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Economic Growth & Inflation

nThe ultimate goal of the Federal Reserve is to implem= ent a monetary policy that creates a healthy U.S. Economy. The U.S. economy is considered healthy when there is sustainable economic growth = with full employment, stable prices, and reasonabl= e interest rates.

nThe Fed takes action against a sluggish economy and also a= gainst threats of inflationary trends.

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Tools for Implementing Monetary Policy

nThree main tools are used by the Fed:

n1. Reserve Requirements

n2. Interest Rates (the discount rate and the federal funds rate) <= /span>

n3. Open Market Operations (buying and selling government securities)

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Reserve Requirements

nA banks reserve requirements are a percentage of its total deposits.&n= bsp; In other words if the reserve requirement is 10% and the bank has $100,000 in deposits, they have to have $10,000 on hand either in its own vaults or at the Federal Reserve Bank in i= ts district.

nReserve requirements range from 3% to 12%. The depository Institu= tions Deregulation and Monetary Control Act of 1980 subjected all commercial banks to the same reserve requirements as members of the= Federal Reserve.&= nbsp; These requirements were also imposed on savings banks, savings and loans and credit unions.

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Interest Rates

nThe Fed has control over two interest rates:

n

1.The Federal Discount Rate
2.The Federal Funds Rate

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Discount Rate

nThe Federal Discount Rate is the interest rate charged when a member of the Federal Reserve System borrows money from o= ne of the Federal Reserve Banks.

nMember banks borrow these funds cover a short fall in their funds. The dis= count rate is set by the Federal Reserve Banks with the approval of the Fed̵= 7;s Board of Governors.

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Federal Funds Rate

nThe federal funds rare is the interest rate banks charge each other for overnight, unsecured loans. A bank that doesn’t have funds to meet its reserve requirements may b= orrow the money needed from a banks that have excess reserves.

nThe federal funds rat= e is not set by the Fed;

nBanks themselves determine how much they will charge each other for overnight loans. =

nWhen the Federal Open Market Committee meets, it sets a target for the federal funds rate.

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Open Market Operations

= nThe Fed also buys and sells government securities.= These transactions are called open market <= /span>operations. They are conducted by the Securities Department of the Federal Reserve Bank of New York. (= 220; The Trading Desk, or just The Desk”) The “Trading Desk” follows the directives of the Federal Open Market Committee (FOMC). Open market operations are the most important tool for control= ling the money supply, so the FOMC is the most <= /span>important policy-making organization in the Fed.

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Federal Open Market Committee

=

= nThe FOMC meets about every six weeks. It consists of twelve members:

n1. The Seven members of the Fed= eral Reserve Board

n2. The president of the New York Federal Reserve Bank

n3. Four other Reserve Bank presidents.

n

= nThe seven members who are not currently members of the FOMC normally attend and participate in these = meetings.

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Federal Open Market Committee

=

= nWhen the Fed buys government securities, it increases the money supply. The Fed may pay with cash, by check, or when purchasing from a bank by crediting the bank’s reserves that a= re on deposit with the fed. Regardless, any of these actions puts more money into circulation.

= nWhen the Fed sells securities people with cash buy them and that takes money off of the open = market and tightens, or reduces the money <= /span>supply.

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Changes in Monetary Policy

nThe Fed has frequently changed = its monetary policy, its primary objections and in the choice of tools used to reach those objectives. The Fed has no direct control over inflation or the market interest rates, it wo= rks toward its goals by tracking certain economic indicators.

nIts actions are more or less experimental, and when a particular experiment does not seem to be working, the Fed may try a different one.

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nFiscal Policy: Government actions in rai= sing revenue thought taxat= ion, spending money, and financing budget deficits.

n

nMonetary Policy: Government action in controlling the money supply and therefore the cost of borrowing money.

n

nFederal Deficit: A shortfall in funds that occurs when the federal government spends more money than it collects in a particular year.

n

nTaxation: The federal government collects revenue through <= /span>taxation. The rates at which people are taxed affects the amount of money taxpayers have available to invest= .

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nHome Mortgage Interest Deduction: Taxp= ayers can deduct interest paid on = loans on their home mortgages up to $500,000 ($1,000,000 for married couples filing jointly).

n

nExclusion of Gain on Sale of Home: A taxpay= er may exclude from taxation any gain= on the sale of a principal residence, up to a limit of $250,000 (or $500,000 if married and filing jointly).

n =

nCost Recovery Deductions: Real estate investors may take other deductions from their income taxes, such as deducting depreciation of investment property.

n =

nFederal Reserve System: The Federal Reser= ve system regulates commerc= ial banks and implements the nation’s monetary policy.&= nbsp; Often referred to as “the Fed.”

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nReserve Requirements: The Fed requires commercial banks to ho= ld a certain portion of their deposits on Reserve for immediate withdrawal of depositors.

n =

nFederal reserve Bank: There are twelve Fe= deral Reserve Banks, one for ea= ch Federal Reserve District, owned by the commercial banks within that district. =

n =

nFederal Reserve Board: The Federal Reserve System is controlled by a seven-member Board of Governors, know as the Federal Reserve Board. Each of the seven members is appointed from a different district to a 14-year t= erm.

n =

nInflation: Inflation is a period of price increases which o= ccurs as a result of too rapid economic growth. The Fed seeks to limit inflation by using monetary policy to control growth.

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=

= nInterest Rates: The Fed has control over t= wo key interest rates:

n 1. The federal discount rate and

n 2. The federal funds rate.

= nLenders tend to adjust their own short-term interest rates in response to changes in these rates.

n

= nOpen Market Operations: The Fed adjust= s the money supply by engagin= g in open market operations; as i= t buys and sells government securities it changes the amount of money available in circulation.

n

= nFederal Open Market Committee: The Federa= l Open Market Committee is a board th= at makes decisions regarding open market operations by the Fed.

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=

1.The government controls the money supply= and the cost of money through:

n

n a. Fiscal Policy

n b. Monetary Policy

n c. Budgetary Policy

n d. Fiduciary Policy

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n1. In a given year, the federal government spends more money that it receives = in revenue. The result is a:

2. <= /div>
n a. federal deficit

n b. federal debt

n c. federal surplus

n d. federal default

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3.Which item may be excluded from <= span style=3D'position:absolute;top:18.25%;left:20.59%;width:81.27%;height:6.75= %'>taxation, rather than simply taken as a deduction:
n a. Home mortgage interest <= /div>
n b. Home equity loan interest= 3;

n c. Gain on the sale of a principle residence

n d. Depreciation of investment property

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4.The gain from sale of which of the following properties would be excluded from taxation?

n

n a. A residential rental owned for the last 10 years

n b. A residential property used as a primary residence from ten years ago until five years ago

n c. A vacation home owned for the last five years

n d. A residential property used = as a primary residence from four years ago until one year ago

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5.Which of t= he following is the best definition of reserve requirements?&= #13;

n a. Buying and selling government securities on the open market

n b. Setting interest rates for loans to banks
facing c= ash shortfalls

n c. Requiring banks to make a ce= rtain percentage of deposits avail= able for immedia= te withdrawal

n d. Controlling inflation by raising interest rates in order to slow growth

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6.How many Federal Reserve Districts and <= /span>Federal Reserve Banks are there?

7. <= /div>
n a. 7

n b. 9

n c. 12

n d. 14

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7.Inflation occurs when:

8. <= /div>
n a. rapid economic growth causes prices to increase

n b. The Fed raises interest rate= s

n c. the Fed decreases the pool of available funds by selling government securities&= #13;

n d. economic stagnation causes h= igher unemployment

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8.The interest rate charged by the Federal= Reserve when a member bank borrows money to cover a shortfall in funds= is the:

n

n a. federal funds rate

n b. federal discount rate

n c. federal key rate

n d. market interest rate

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9.The Federal Reserve decides to decrease = the supply of money available. It will:

n a. buy government securities and increase reserve requirements

n b. buy government securities and decrease reserve requirements

n c. sell government securities and increase reserve requirements

n d. sell government securities a= nd decrease reserve requirements.

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10.In the early 1980’s, the Fed trie= d to control inflation by restricting growth of the money supply. What happened?=

11. =

n a. Interest rates shot up

n b. Interest rates plunged <= /div>
n c. Inflation got worse
n d. The government bought back m= ost of its governme= nt securities

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fQ0KYTp2aXNpdGVkDQoJe2NvbG9yOiMzMzMzQ0MgIWltcG9ydGFudDt9DQp= ------=_NextPart_01C7F097.75004B70 Content-Location: file:///C:/591244C5/4GovernmentPolicyandREFinance_files/script.js Content-Transfer-Encoding: quoted-printable Content-Type: application/javascript; charset="us-ascii" function LoadSld() { var sld=3DGetObj("SlideObj") if( !g_supportsPPTHTML ) { =09 sld.style.visibility=3D"visible" return } if( MakeNotesVis() ) return runAnimations =3D _InitAnimations(); =09 if( IsWin("PPTSld") ) parent.SldUpdated(GetSldId()) g_origSz=3DparseInt(SlideObj.style.fontSize) g_origH=3Dsld.style.posHeight g_origW=3Dsld.style.posWidth g_scaleHyperlinks=3D(document.all.tags("AREA").length>0) if( g_scaleHyperlinks ) InitHLinkArray() if( g_scaleInFrame||(IsWin("PPTSld") && parent.IsFullScrMode() ) ) document.body.scroll=3D"no" _RSW() if( IsWin("PPTSld") && parent.IsFullScrMode() ) FullScrInit(); =09 MakeSldVis(); ChkAutoAdv() if( runAnimations ) { if( document.all("NSPlay") ) document.all("NSPlay").autoStart =3D false; if( sld.filters && sld.filters.revealtrans ) setTimeout( "document.body.start()", sld.filters.revealtrans.duration * = 1000 ); else document.body.start(); } } function MakeSldVis()=20 { var fTrans=3Dg_showAnimation && SldHasTrans() if( fTrans )=09 { if( g_bgSound ) { idx=3Dg_bgSound.indexOf(","); pptSound.src=3Dg_bgSound.substr( 0, idx ); pptSound.loop=3D -(parseInt(g_bgSound.substr(idx+1))); } SlideObj.filters.revealtrans.Apply()=09 } SlideObj.style.visibility=3D"visible" if( fTrans ) SlideObj.filters.revealtrans.Play() } function MakeNotesVis()=20 { if( !IsNts() ) return false=20 SlideObj.style.display=3D"none" nObj =3D document.all.item("NotesObj") parent.SetHasNts(0) if( nObj ) {=20 nObj.style.display=3D"" parent.SetHasNts(1) } return 1 } function ChkAutoAdv() { if(SldHasTrans()) SlideObj.onfilterchange=3DAutoAdv else AutoAdv() } function AutoAdv() { if(!IsWin("PPTSld") || !gUseSldTimings )return var sld=3DGetCurSld() if( (sld.mAdvDelay>0) && !parent.IsFramesMode() ) setTimeout("parent.GoToNextSld()",sld.mAdvDelay) } function GetObj(id) { if(g_supportsPPTHTML) return document.all(id); else return document.getElementById(id); } function SldHasTrans() { return SlideObj.style.filter !=3D ""; } function GetSldId()=20 { var regExp =3D /file:\/\/\//i var pos =3D location.href.search(regExp) if (MHTMLPrefix !=3D "" && pos !=3D -1) sId =3D location.href.substring(pos) else { sId =3D RemoveFilePrefixFromHref(location.href); var regExp =3D /\// var fixedHref =3D sId var pos =3D -1 =09 pos =3D fixedHref.search(regExp) while (pos !=3D -1) { fixedHref =3D fixedHref.replace(regExp, "\\") pos =3D fixedHref.search(regExp) } =09 if (g_fBaseHyperlink =3D=3D true) sId =3D "file:///" + fixedHref; else sId =3D fixedHref.substring(fixedHref.lastIndexOf('\\') + 1) } =09 return sId } function HideMenu() { if( frames["PPTSld"] && PPTSld.document.all.item("ctx= tmenu") && PPTSld.ctxtmenu.style.display!=3D"none" ) { PPTSld.ctxtmenu.styl= e.display=3D'none'; return true } return false } function IsWin( name ) { return window.name =3D=3D name } function IsNts() { return IsWin("PPTNts") } function IsSldOrNts() { return( IsWin("PPTSld")||IsWin("PPTNts") ) } function SupportsPPTAnimation() { return( navigator.platform =3D=3D "Win32"= && navigator.appVersion.indexOf("Windows")>0 ) } function SupportsPPTHTML() { var appVer=3Dnavigator.appVersion, msie=3DappVer.indexOf("MSIE "), ver=3D0 if( msie >=3D 0 ) ver=3DparseFloat( appVer.substring( msie+5, appVer.indexOf(";",msie) ) ) else ver=3DparseInt(appVer) return( ver >=3D 4 && msie >=3D 0 ) } function _RSW() { if( !g_supportsPPTHTML || IsNts() || ( !g_scaleInFrame && (!IsWin("PPTSld") || !parent.IsFullScrMode()) ) ) return var padding=3D0; if( IsWin("PPTSld") && parent.IsFramesMode() ) padding=3D6 cltWidth=3Ddocument.body.clientWidth-padding cltHeight=3Ddocument.body.clientHeight-padding factor=3D(1.0*cltWidth)/g_origW if( cltHeight < g_origH*factor ) factor=3D(1.0*cltHeight)/g_origH newSize =3D g_origSz * factor if( newSize < 1 ) newSize=3D1 s=3DSlideObj.style s.fontSize=3DnewSize+"px" s.posWidth=3Dg_origW*factor s.posHeight=3Dg_origH*factor s.posLeft=3D(cltWidth-s.posWidth+padding)/2 s.posTop=3D(cltHeight-s.posHeight+padding)/2 if( g_scaleHyperlinks ) ScaleHyperlinks( factor ) } function _InitAnimations() { animRuntimeInstalled =3D ''+document.body.localTime !=3D 'undefined'; isFullScreen =3D (window.name =3D=3D "PPTSld") && !parent.IsFramesMode(); g_animUseRuntime =3D g_showAnimation && animRuntimeInstalled && !(isFullSc= reen && parent.IsSldVisited()); if( g_animUseRuntime ) { collSeq =3D document.all.tags("seq"); if( collSeq !=3D null ) { for(ii=3D0;ii numSlds ) gSldJumpIdx =3D numSlds; if ( gSldJumpIdx >=3D 0 ) { if ( gSldJumpIdx =3D=3D 0 ) gSldJumpIdx =3D 1; var jumpTo =3D parseInt(gSldJumpIdx); gSldJump =3D 0; gSldJumpIdx =3D ""; win.GoToSld( parent.GetSldList().mList[jumpTo-1].mSldHref ) } } } function _KDH() { if( event.keyCode =3D=3D 8 ) { event.returnValue =3D 0; parent.GoToPrevSld(); } }function DocumentOnClick() { if( IsNts() || parent.HideMenu() ) return; if( ( g_allowAdvOnClick && (window.name=3D=3D"PPTSld") && !parent.IsFrames= Mode() ) || (event && event.keyCode=3D=3D32) ) { =09 if( g_animUseRuntime && g_animMainSequence && g_animMainSequence.cangonex= t ) return; parent.GoToNextSld(); } } var g_supportsPPTHTML =3D SupportsPPTHTML(), g_scaleInFrame =3D 1, gId=3D""= , g_bgSound=3D"", g_scaleHyperlinks =3D false, g_allowAdvOnClick =3D 1, g_showInBrowser = =3D 0, gLoopCont =3D 0, gUseSldTimings =3D 1; var g_showAnimation =3D g_supportsPPTHTML && SupportsPPTAnimation() && ( (w= indow.name=3D=3D"PPTSld" && !parent.IsFramesMode()) || g_showInBrowser );va= r g_animManager =3D null; var g_animUseRuntime =3D false; var g_animItemsToHide, g_animInteractiveItems, g_animSlideTime; var g_animMainSequence =3D null; var ENDSHOW_MESG=3D"End of slide show, click to exit.", SCREEN_MODE=3D"Fram= es", gIsEndShow=3D0, NUM_VIS_SLDS=3D57, SCRIPT_HREF=3D"script.js", FULLSCR_= HREF=3D"fullscreen.htm"; var gCurSld =3D gPrevSld =3D 1, g_offset =3D 0, gNtsOpen =3D gHasNts =3D gO= tlTxtExp =3D 0, gHasNarration =3D 0, gOtlOpen =3D true window.gPPTHTML=3DSupportsPPTHTML() var g_fBaseHyperlink =3D false; var gMainDoc=3Dnew Array(new hrefList("slide0001.htm",1,-1,1),new hrefList(= "slide0002.htm",1,-1,1),new hrefList("slide0003.htm",1,-1,1),new hrefList("= slide0004.htm",1,-1,1),new hrefList("slide0005.htm",1,-1,1),new hrefList("s= lide0053.htm",1,-1,1),new hrefList("slide0054.htm",1,-1,1),new hrefList("sl= ide0006.htm",1,-1,1),new hrefList("slide0056.htm",1,-1,1),new hrefList("sli= de0007.htm",1,-1,1),new hrefList("slide0055.htm",1,-1,1),new hrefList("slid= e0008.htm",1,-1,1),new hrefList("slide0057.htm",1,-1,1),new hrefList("slide= 0009.htm",1,-1,1),new hrefList("slide0010.htm",1,-1,1),new hrefList("slide0= 011.htm",1,-1,1),new hrefList("slide0058.htm",1,-1,1),new hrefList("slide00= 59.htm",1,-1,1),new hrefList("slide0012.htm",1,-1,1),new hrefList("slide001= 3.htm",1,-1,1),new hrefList("slide0014.htm",1,-1,1),new hrefList("slide0015= .htm",1,-1,1),new hrefList("slide0016.htm",1,-1,1),new hrefList("slide0060.= htm",1,-1,1),new hrefList("slide0061.htm",1,-1,1),new hrefList("slide0062.h= tm",1,-1,1),new hrefList("slide0017.htm",1,-1,1),new hrefList("slide0063.ht= m",1,-1,1),new hrefList("slide0065.htm",1,-1,1),new hrefList("slide0064.htm= ",1,-1,1),new hrefList("slide0018.htm",1,-1,1),new hrefList("slide0019.htm"= ,1,-1,1),new hrefList("slide0020.htm",1,-1,1),new hrefList("slide0066.htm",= 1,-1,1),new hrefList("slide0039.htm",1,-1,1),new hrefList("slide0040.htm",1= ,-1,1),new hrefList("slide0041.htm",1,-1,1),new hrefList("slide0067.htm",1,= -1,1),new hrefList("slide0042.htm",1,-1,1),new hrefList("slide0021.htm",1,-= 1,1),new hrefList("slide0022.htm",1,-1,1),new hrefList("slide0023.htm",1,-1= ,1),new hrefList("slide0024.htm",1,-1,1),new hrefList("slide0025.htm",1,-1,= 1),new hrefList("slide0026.htm",1,-1,1),new hrefList("slide0028.htm",1,-1,1= ),new hrefList("slide0027.htm",1,-1,1),new hrefList("slide0029.htm",1,-1,1)= ,new hrefList("slide0030.htm",1,-1,1),new hrefList("slide0031.htm",1,-1,1),= new hrefList("slide0032.htm",1,-1,1),new hrefList("slide0033.htm",1,-1,1),n= ew hrefList("slide0034.htm",1,-1,1),new hrefList("slide0035.htm",1,-1,1),ne= w hrefList("slide0036.htm",1,-1,1),new hrefList("slide0037.htm",1,-1,1),new= hrefList("slide0038.htm",1,-1,1)); /********************************************* Frameset functions These functions control slide navigation and state of the frameset. **********************************************/ function RemoveFilePrefixFromHref(href) { var regExp =3D /^file:\/\/\//i; return href.replace(regExp, "") } function FullScrInit() { g_allowAdvOnClick =3D GetCurSld().mAdvOnClk document.body.style.backgroundColor=3D"black" document.oncontextmenu=3Dparent._CM; document.onkeydown =3D _KDH; document.ondragstart=3DCancel document.onselectstart=3DCancel self.focus() } function Redirect( frmId ) {=09 var str=3Ddocument.location.hash,idx=3Dstr.indexOf('#'), sId=3DGetSldId() if(idx>=3D0) str=3Dstr.substr(1); if( window.name !=3D frmId && ( sId !=3D str) ) { obj =3D GetObj("Main-File") window.location.href=3Dobj.href+"#"+sId return 1 } return 0 } var MHTMLPrefix =3D CalculateMHTMLPrefix();=20 function CalculateMHTMLPrefix() { if ( document.location.protocol =3D=3D 'mhtml:') {=20 href=3Dnew String(document.location.href)=20 Start=3Dhref.indexOf('!')+1=20 End=3Dhref.lastIndexOf('/')+1=20 if (End < Start)=20 return href.substring(0, Start)=20 else=20 return href.substring(0, End)=20 } return ''; } function GetTags(base,tag) { if(g_supportsPPTHTML) return base.all.tags(tag); else return base.getElementsByTagName(tag); } function UpdNtsPane(){ if(frames["PPTNts"]) PPTNts.location.replace( MHTMLP= refix+GetHrefObj( gCurSld ).mNtsHref ) } function UpdNavPane( sldIndex ){ if(gNavLoaded) PPTNav.UpdNav() } function UpdOtNavPane(){ if(gOtlNavLoaded) PPTOtlNav.UpdOtlNav() } function UpdOtlPane(){ if(gOtlLoaded) PPTOtl.UpdOtl() } function SetHasNts( fVal ) { if( gHasNts !=3D fVal ) { gHasNts=3DfVal UpdNavPane() } } function ToggleOtlText() { gOtlTxtExp=3D!gOtlTxtExp UpdOtlPane() } function ClearMedia() { // Clear any sounds playing before launching another browser window. Other= wise, // in fullscreen mode, you'll continue to hear the sound in the frames mod= e. if (PPTSld.pptSound) PPTSld.pptSound.loop =3D 0; } function FullScreen() {=20 if ( PPTSld.g_animUseRuntime ) PPTSld.document.body.pause(); ClearMedia(); var href =3D ( document.location.protocol =3D=3D 'mhtml:') ? FULLSCR_HREF = : FULLSCR_HREF+"#"+GetHrefObj(gCurSld).mSldHref; if (MHTMLPrefix !=3D "") href =3D RemoveFilePrefixFromHref(href) if(PPTNav.event.ctrlKey) { var w =3D (window.screen.availWidth * 1.0) / 2.0 var h =3D w * (PPTSld.g_origH * 1.0) / PPTSld.g_origW win =3D window.open( MHTMLPrefix+href,null,"toolbar=3D0,resizable=3D1,top= =3D0,left=3D0," + "width=3D"+ w + ",height=3D" + h ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } else { win =3D window.open( MHTMLPrefix+href,null,"fullscreen=3Dyes" ); if( win.document.body && PPTSld.g_animUseRuntime ) win.document.body.PPTSldFrameset=3Dwindow; } } function ToggleVNarration() { rObj=3DPPTSld.document.all("NSPlay") if( rObj && !PPTSld.g_animUseRuntime ) { if( (rObj.playState =3D=3D 1)||(rObj.playState =3D=3D 0) ) rObj.Play() else if( rObj.playState =3D=3D 2 ) rObj.Pause() else return; } else if( PPTSld.g_animUseRuntime ) { narObj =3D PPTSld.document.all("narrationID") if( narObj ) narObj.togglePause() } } function GetCurSldNum() { =20 obj=3DGetHrefObj(gCurSld) if( obj.mOrigVis =3D=3D 1 ) return obj.mSldIdx else =20 return gCurSld } function GetNumSlds() { =20 if( GetHrefObj(gCurSld).mOrigVis =3D=3D 1 ) return GetSldList().mNumVisSlds; else return GetSldList().mList.length } function GetSldNum( href ) { for(ii=3D0; ii 1 ) PopSldList(); else if( !IsFramesMode() ) { if( gLoopCont ) GoToFirst() else EndShow() } } function GoToPrevSld() { ii=3DgCurSld-1 if( ii > 0 ) { obj=3DGetHrefObj(ii) while ( obj && ( obj.mVis =3D=3D 0 ) && ( ii>0 ) ) obj=3DGetHrefObj(--ii) if( ii =3D=3D 0 ) ii=3D1 GoToSldNum(ii) } } function GoToFirst(){ GoToSld( GetHrefObj(1).mSldHref ) } function GoToLast() { ii=3DGetSldList().mList.length if( ii !=3D gCurSld ) GoToSld( GetHrefObj(ii).mSldHref ) } function GoToSldNum( num ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue obj =3D GetHrefObj( num ) obj.mVis=3D1 gPrevSld=3DgCurSld gCurSld =3D num; =09 if (MHTMLPrefix !=3D "") PPTSld.location.replace(MHTMLPrefix+RemoveFilePrefixFromHref(obj.mSldHref= )) else PPTSld.location.replace(obj.mSldHref) =09 if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function GoToSld( href ) { if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue GetHrefObj( GetSldNum(href) ).mVis=3D1 if (MHTMLPrefix !=3D "") PPTSld.location.replace(MHTMLPrefix+RemoveFilePrefixFromHref(href)) else PPTSld.location.replace(href) } function SldUpdated( id ) { if( id =3D=3D GetHrefObj(gCurSld).mSldHref ) return gPrevSld=3DgCurSld gCurSld=3DGetSldNum(id) if( IsFramesMode() ) { UpdNavPane(); UpdOtlPane(); UpdNtsPane() } } function PrevSldViewed(){ GoToSld( GetHrefObj(gPrevSld).mSldHref ) } function HasPrevSld() { return ( gIsEndShow || ( gCurSld !=3D 1 && GetHrefO= bj( gCurSld-1 ).mVis =3D=3D 1 )||( GetCurSldNum() > 1 ) ) } function HasNextSld() { return (GetCurSldNum() !=3D GetNumSlds()) } function CloseWindow() { if( HideMenu() ) return; =09 var event =3D PPTSld.event; if( !IsFramesMode() && event && (event.keyCode=3D=3D27 || event.keyCode=3D= =3D32 || event.type=3D=3D"click" ) ) window.close( self ); CatchNumKeys( self, event ); } function Unload() { gIsEndShow=3D0; } function SetupEndShow() { gIsEndShow=3D1; PPTSld.document.body.scroll=3D"no"; PPTSld.document.onkeypress=3DCloseWindow; PPTSld.document.onclick=3DCloseWindow; PPTSld.document.oncontextmenu=3D_CM; } function EndShow() { if( IsFramesMode() ) return if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue doc=3DPPTSld.document var dir =3D doc.body.dir if( dir !=3D "rtl" ) dir =3D "ltr"; doc.open() doc.writeln('

' + ENDSHOW_MESG + '
') doc.close() } function SetSldVisited(){ GetSldList().mList[gCurSld-1].mVisited=3Dtrue } function IsSldVisited(){ return GetSldList().mList[gCurSld-1].mVisited } function hrefList( sldHref, visible, advDelay, advClk ) { this.mSldHref=3D this.mNtsHref =3D sldHref this.mOrigVis=3D this.mVis =3D visible this.mVisited=3D false this.mAdvDelay=3D advDelay this.mAdvOnClk=3D advClk } function SldList(arr,curSld,fEnd) { this.mCurSld =3D curSld; this.mList =3D new Array(); var idx =3D 1; for(ii=3D0;ii 0) { PushSldList(sldList,fEnd); gCurSld =3D 1; } else if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue } function PushSldList(arr,fEnd) { var ii =3D gSldStack.length; gSldStack[ii] =3D new SldList(arr,gCurSld,fEnd); GoToSld( gSldStack[ii].mList[0].mSldHref ); } function PopSldList() { if (gSldStack[gSldStack.length-1].fEndShow) EndShow() else { gCurSld =3D gSldStack[gSldStack.length-1].mCurSld; gSldStack[gSldStack.length-1] =3D null; gSldStack.length--; var sldList =3D gSldStack[gSldStack.length-1]; GoToSld( sldList.mList[gCurSld - 1].mSldHref ); } } var custShowList=3Dnew Array(); /********************************************* Navigation button implementation There are 2 types of buttons: ImgBtn, TxtBtn implemented as function objects. They share a similiar interface so the event handlers can call SetActive, for example, on a button=20 object without needing to know exactly=20 what type of button it is. **********************************************/ //---------------------------------- function ImgBtn( oId,bId,w,action ) //---------------------------------- { var t=3Dthis t.Perform =3D _IBP t.SetActive =3D _IBSetA t.SetInactive=3D _IBSetI t.SetPressed =3D _IBSetP t.SetDisabled=3D _IBSetD t.Enabled =3D _IBSetE t.ChangeIcon =3D null t.UserAction =3D action t.ChgState =3D _IBUI t.mObjId =3D oId t.mBorderId=3D bId t.mWidth =3D w t.mIsOn =3D t.mCurState =3D 0 } function _IBSetA() { if( this.mIsOn ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _IBSetI() { if( this.mIsOn ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0=20 } } function _IBSetP() { if( this.mIsOn ) { obj=3Dthis.ChgState( gShadowClr,gHiliteClr,2 ) obj.style.posLeft+=3D1; obj.style.posTop+=3D1 } } function _IBSetD() { =20 obj=3Dthis.ChgState( gFaceClr,gFaceClr,0 ) obj.style.posTop=3D0=20 } function _IBSetE( state ) { var t=3Dthis GetObj( t.mBorderId ).style.visibility=3D"visible" if( state !=3D t.mIsOn ) { t.mIsOn=3Dstate if( state ) t.SetInactive() else t.SetDisabled() } } function _IBP() { var t=3Dthis if( t.mIsOn ) { if( t.UserAction !=3D null ) t.UserAction() if( t.ChangeIcon ) { obj=3DGetObj(t.mObjId) if( t.ChangeIcon() ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-4)*t.mWidth else obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-0)*t.mWidth } t.SetActive() } =20 } function _IBUI( clr1,clr2,nextState ) { var t=3Dthis SetBorder( GetObj( t.mBorderId ),clr1,clr2 ) obj=3DGetObj( t.mObjId ) obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-nextState)*t.mWidth-obj= .style.posTop t.mCurState=3DnextState return obj } //----------------------------------------- function TxtBtn( oId,oeId,action,chkState ) //----------------------------------------- { var t=3Dthis t.Perform =3D _TBP t.SetActive =3D _TBSetA t.SetInactive=3D _TBSetI t.SetPressed =3D _TBSetP t.SetDisabled=3D _TBSetD t.SetEnabled =3D _TBSetE t.GetState =3D chkState t.UserAction =3D action t.ChgState =3D _TBUI t.mObjId =3D oId t.m_elementsId=3D oeId t.mIsOn =3D 1 } function _TBSetA() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gHiliteClr,gShadowClr,0,0 ) } function _TBSetI() { var t=3Dthis if( t.mIsOn && !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) } function _TBSetP() { if( this.mIsOn ) this.ChgState( gShadowClr,gHiliteClr,1,1 ) } function _TBSetD() { =20 this.ChgState( gFaceClr,gFaceClr,0,0 ) this.mIsOn =3D 0 } function _TBSetE() { var t=3Dthis if( !t.GetState() ) t.ChgState( gFaceClr,gFaceClr,0,0 ) else t.ChgState( gShadowClr,gHiliteClr,1,1 ) t.mIsOn =3D 1 } function _TBP() { var t=3Dthis if( t.mIsOn ) {=20 if( t.UserAction !=3D null ) t.UserAction() if( !t.GetState ) return if( t.GetState() ) t.SetPressed() else t.SetActive() } =20 } function _TBUI( clr1,clr2,lOffset,tOffset ) { SetBorder( GetObj( this.mObjId ),clr1,clr2 ) Offset( GetObj( this.m_elementsId ),lOffset,tOffset ) } function Offset( obj, top, left ){ obj.style.top=3Dtop; obj.style.left=3Dle= ft } function SetBorder( obj, upperLeft, lowerRight ) { s=3Dobj.style; s.borderStyle =3D "solid" s.borderWidth =3D 1=20 s.borderLeftColor =3D s.borderTopColor =3D upperLeft s.borderBottomColor=3D s.borderRightColor =3D lowerRight } function GetBtnObj(){ return gBtnArr[window.event.srcElement.id] } function BtnOnOver(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetActive() } function BtnOnDown(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetPressed() } function BtnOnOut(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetInactive() } function BtnOnUp() { b=3DGetBtnObj() if( b !=3D null ) b.Perform() else Upd() } function GetNtsState(){ return parent.gNtsOpen } function GetOtlState(){ return parent.gOtlOpen } function GetOtlTxtState(){ return parent.gOtlTxtExp } function NtsBtnSetFlag( fVal ) { s=3Ddocument.all.item( this.m_flagId ).style s.display=3D"none" if( fVal ) s.display=3D"" else s.display=3D"none" } function _BSetA_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etActive() } function _BSetI_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etInactive() } function _BSetP_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S= etPressed() } function _BSetA_BorderImg() {=20 b =3D gBtnArr[this.mBorderId]=20 if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 ) obj.style.posTop=3D0 } } function _BSetI_BorderImg() {=20 b =3D gBtnArr[this.mBorderId] if( b !=3D null && this.mIsOn && !b.GetState() ) { obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 ) obj.style.posTop=3D0 } } var gHiliteClr=3D"THREEDHIGHLIGHT",gShadowClr=3D"THREEDSHADOW",gFaceClr=3D"= THREEDFACE" var gBtnArr =3D new Array() gBtnArr["nb_otl"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOtlPan= e,GetOtlState ) gBtnArr["nb_otlElem"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOt= lPane,GetOtlState ) gBtnArr["nb_nts"] =3D new ImgBtn( "nb_nts","nb_ntsBorder",10,parent.ToggleN= tsPane ) gBtnArr["nb_nts"].SetActive =3D _BSetA_BorderImg; gBtnArr["nb_nts"].SetInactive =3D _BSetI_BorderImg; gBtnArr["nb_ntsBorder"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.= ToggleNtsPane,GetNtsState ) gBtnArr["nb_ntsElem"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.To= ggleNtsPane,GetNtsState ) gBtnArr["nb_prevBorder"] =3D gBtnArr["nb_prev"]=3D new ImgBtn( "nb_prev","n= b_prevBorder",30,parent.GoToPrevSld ) gBtnArr["nb_nextBorder"] =3D gBtnArr["nb_next"]=3D new ImgBtn( "nb_next","n= b_nextBorder",30,parent.GoToNextSld ) gBtnArr["nb_sldshw"]=3D new ImgBtn( "nb_sldshw","nb_sldshwBorder",18,parent= .FullScreen ) gBtnArr["nb_sldshwBorder"] =3D new TxtBtn( "nb_sldshw","nb_sldshwBorder",pa= rent.FullScreen,null ) gBtnArr["nb_sldshwBorder"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwBorder"].SetInactive =3D _BSetI_Border; gBtnArr["nb_sldshwText"] =3D new TxtBtn( "nb_sldshw","nb_sldshwText",parent= .FullScreen,null ) gBtnArr["nb_sldshwText"].SetActive =3D _BSetA_Border; gBtnArr["nb_sldshwText"].SetInactive =3D _BSetI_Border; gBtnArr["nb_voice"] =3D gBtnArr["nb_voiceBorder"] =3D new ImgBtn( "nb_voice= ","nb_voiceBorder",18,parent.ToggleVNarration ) gBtnArr["nb_otlTxtBorder"] =3D gBtnArr["nb_otlTxt"]=3D new ImgBtn( "nb_otlT= xt","nb_otlTxtBorder",23,parent.ToggleOtlText ) gBtnArr["nb_ntsBorder"].m_flagId=3D "nb_nts" gBtnArr["nb_ntsBorder"].SetFlag =3D NtsBtnSetFlag gBtnArr["nb_otlTxt"].ChangeIcon=3D GetOtlTxtState /********************************************* Context menu implementation _CM() is the function that's hooked up to the oncontextmenu event. Once we're asked to show the menu, we first build it by creating DIVs on-the-fly. Then we position it=20 within the screen area so it doesn't get clipped. Creating the DIVs using createElement() means we don't have to write out any extra HTML into the slide HTML files. **********************************************/ var sNext=3D"Next",sPrev=3D"Previous",sEnd=3D"End Show",sFont=3D"Arial",sAr= row=3D"Arrow",sFreeform=3D"Freeform",sRect=3D"Rectangle",sOval=3D"Oval" function ShowMenu() { BuildMenu(); var doc=3DPPTSld.document.body,x=3DPPTSld.event.clientX+doc.scrollLeft,y= =3DPPTSld.event.clientY+doc.scrollTop m =3D PPTSld.document.all.item("ctxtmenu") m.style.pixelLeft=3Dx if( (x+m.scrollWidth > doc.clientWidth)&&(x-m.scrollWidth > 0) ) m.style.pixelLeft=3Dx-m.scrollWidth m.style.pixelTop=3Dy if( (y+m.scrollHeight > doc.clientHeight)&&(y-m.scrollHeight > 0) ) m.style.pixelTop=3Dy-m.scrollHeight m.style.display=3D"" } function _CM() { if( !parent.IsFullScrMode() ) return; if(!PPTSld.event.ctrlKey) { ShowMenu() return false } else HideMenu() } function BuildMenu() { if( PPTSld.document.all.item("ctxtmenu") ) return var mObj=3DCreateItem( PPTSld.document.body ) mObj.id=3D"ctxtmenu" mObj.style.visibility=3D"hidden" var s=3DmObj.style s.position=3D"absolute" s.cursor=3D"default" s.width=3D"120px" SetCMBorder(mObj,"menu","black") var iObj=3DCreateItem( mObj ) SetCMBorder( iObj, "threedhighlight","threedshadow" ) iObj.style.padding=3D2 CreateMenuItem( iObj,sNext,M_GoNextSld,M_True ) CreateMenuItem( iObj,sPrev,M_GoPrevSld,M_HasPrevSld ) =09 CreateSeparator( iObj ) CreateMenuItem( iObj,sEnd,M_End,M_True ) mObj.style.visibility=3D"visible" } function Cancel() { window.event.cancelBubble=3Dtrue; window.event.returnVa= lue=3Dfalse } function Highlight() { ChangeClr("activecaption","threedhighlight") } function Deselect() { ChangeClr("threedface","menutext") } function Perform() { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) e.Action() else PPTSld.event.cancelBubble=3Dtrue } function ChangeClr( bg,clr ) { e=3DPPTSld.event.srcElement if( e.type=3D=3D"menuitem" && e.IsActive() ) { e.style.backgroundColor=3Dbg e.style.color=3Dclr } } function M_HasPrevSld() { return( parent.HasPrevSld() ) } function M_GoNextSld() { if( gIsEndShow ) M_End(); else GoToNextSld() } function M_GoPrevSld() { if( gIsEndShow ) { gIsEndShow=3D0; history.back();= PPTSld.event.cancelBubble=3Dtrue; } else GoToPrevSld() } function M_True() { return true } function M_End() { window.close( self ) } function CreateMenuItem( node,text,action,eval ) { var e=3DCreateItem( node ) e.type=3D"menuitem" e.Action=3Daction e.IsActive=3Deval e.innerHTML=3Dtext if( !e.IsActive() ) e.style.color=3D"threedshadow" e.onclick=3DPerform e.onmouseover=3DHighlight e.onmouseout=3DDeselect s=3De.style; 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charset="us-ascii" PowerPoint Presentation ------=_NextPart_01C7F097.75004B70 Content-Location: file:///C:/591244C5/4GovernmentPolicyandREFinance_files/outline.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"

No= tes

Slide Show

Outline

1

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"The federal government has affected..."

The federal government has affected real estate finance by creating = the secondary market agencies, by intervening in the mortgage industry during times of crises, and ultimately the government influences the finance market by controlling the cost of funds for mortgages. Supply and demand enter into money markets depending on the availability of money and the cost of borrowing the money. A= s the money supply tightens, the interest rates will rise, and conversely = as the money supply increases the interest rates will go down. The government has a strong influence on how much money is available in the market and what the rates to borrow that money will be.

3

Government Influ= ence in Two Areas

The government has very direct influence over the money supply in two areas;

1. Fiscal Policy

2. Monetary Policy

4

Fiscal Policy

Fiscal policy is determined by the&= nbsp; executive branch of the government (the president and the administration) and the legislative branch (Congress). The two branches establish = the federal tax laws, which generate the government’s largest sour= ce of income, and the federal budget, which determines how the money wi= ll be spent. The U.S. Tre= asury carries out the fiscal policy; it is responsible for managing the federal government’s finances, including the national debt.

5

Spending & D= ebt Financing

When the government spends more money than they take in through their various resources, a shortfall known as the federal deficit results.= The United States has had a= deficit in most years since the great depression of the 1930’s.

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Spending & D= ebt Financing ~ 2

To cover this deficit the Treasury issues interest-bearing securities for sale to investors. These securities are referred to Treasury Bills when less than one year, a= nd Treasury Notes when one to five years., and Treasury Certificates wh= en five to ten years. In = effect the federal government= is borrowing from the private sector.&= nbsp; This makes less money available for investing in the private sector.

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Spending & D= ebt Financing

There are mixed reviews by economists concerning the effect of the f= ederal deficit on interest rates. Some believe that the deficit causes interest rates to increa= se, others that the deficit has no effect on interest rates. There is evidence to suppor= t both areas of belief. Regar= dless, the fact is that when the government borrows there is less money for= the private sector.

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Taxation

The second element of fiscal policy is taxation. When taxes are high, taxpay= ers have less money to spend and invest. When taxes are high investo= r tend to invest what money they have in tax exempt vehicles. Since real estate and Mortg= age Backed Securities are taxable investments the higher tax has a significant effect on residential finance.

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Taxation ~2<= /font>

The primary purpose of taxation is to raise revenue to support the government. Currently = some provisions of the income tax laws are used to implement social policy. This is accomp= lished through tax exemptions, and exclusions. Following we will look at s= ome provisions in the federal tax code that effect the demand for real estate, and consequently have an effect on interest rates.

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The Federal Def= icit or Surplus

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Deduction of Home Mortgage Interest

Tax payers who own a home are allowed to deduct the interest they pa= y on their mortgage from their taxable income, which ultimately reduces the amount of taxes that they have to pay. This tax savings has two very beneficial effects for the homeowner;

1. Their after tax house payment is less

2. Their after tax interest rate is less

This mortgage interest deductions helps the government to encourage = home ownership.

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Limits on Deduc= tibility

An owner can deduct all of the interest paid on loans fro buying, building, or improving first and second residences, as long as the l= oans don’t add up to more than $ 1,000,000 ($500,000 for married taxpayers filing separately). The same taxpayer can also deduct interest paid on home equity loans of up to $100,000 ($50,000 for a married taxpayer filing separately), without regard to the purpose of the loan.

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Limits on Deduc= tibility

In theory if a homeowner had an equity loan of $200,000 the interest= on the first $100,000 could be used as a tax deduction, but not the interest on the second $100= ,000.

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Exclusion of Ga= in Personal Residence

A tax payer who sells his or her principal residence may exclude a g= ain of up to $250,000 for a single taxpayer or $500,000 for a married co= uple a joint return.

The rule is that they have to have lived in the property as a person= al residence for two of the last five years. This exclusion can be used = over and over under current law. There is a restriction on the loss upon the sale of a personal residence, none is currently allowed.

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Eligibility=

If the sellers are married and filing jointly both must meet the requirement to have lived in the property for two of the last five years. If only one mee= ts the residency requirement the deduction is limited to $250,000.

Because the exclusion is good for two of the last five year the exclusion can be taken once every two years. No hop scotch rules are cur= rently in the code.

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Cost Recovery f= or Investors

Cost Recovery for income property owners, to us depreciation, allows = the owner to deduct a portion of the property or its components as allow= ed in the IRC code.

Residential Income Property is depreciated over a period of 27^1=
/2 years, while commercial properties are depreciated over a period of = 39 years.

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Cost Recovery f= or Investors ~ 2

Cost recovery exists in many industries, in real estate we use the c= ost recovery on the improvement only, never the land. We assign a percentage of v= alue to the improvement from the total cost of the real estate and divide that by the appropriate method of depreciation. Currently that is only stra= ight line depreciation.

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Cost Recovery f= or Investors ~ 3

If you were to purchase a $1,000,000 apartment building, and you estimated a 70% improvement value you would have the following;
Cost X % =3D Improvement Val= ue

$1,000,000 X 70% =3D $700,000

$700,000/27^1/2 Years =3D $25,455 a year

Each year the owner of this building would have the privilege of deducting $25,455 first from the earning of the building and then fr= om their ordinary income, but not to exceed $25,000 a year from their ordinary income. (actually a little more involved than that).

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Monetary Policy=

The “Fed” exercises considerable control over the nations money supply. This is a method the federal government uses to keep the economy running smoot= hly.

Monetary policy is set and implemented by the Federal Reserve System, the “Fed”. The Federal Reserve System regulates commercial banks, its responsibility for monetary policy grew from this role of regulating commercial banking.

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The Federal Res= erve System

There was very little government involvement in bank in the early pa= rt of the 19^th century.

The security of deposits depended on the integrity of the bank managers. Serious prob= lems developed periodically. Banks would often loan all of their deposits and when a depos= itor needed to make a withdrawal there were no funds.

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Historical Back= ground

In 1863 Congress passed the National Bank Act, which established bas= ic regulations for the supervision of commercial banks.

Still the public lacked confidence in banks, periodically there were “Money Panics”, which were recessions or depression, cau= sed by a lack of confidence of the depositors who would panic and withdr= aw their funds, which the banks had loaned to others. The depositors who did not withdraw their money became the real losers.

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The Federal Res= erve System

Improving the system involved improving the publics’ confidenc= e in the system. This cause= d a growing support for the creation of a central bank for the U.S., sim= ilar to the central banks of many other successful countries.

The general public was hostile toward central banking, and Wall Stre= et issues, a series of financial losses in the bank panics of 1907 caus= ed the public to begin to embrace a national banking system.

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Federal Reserve= Acts of 1913 ~ 1916

In these acts the Congress created the Federal Reserve System and established the modern banking system. Reserve requirements were established, normally 10% of all deposits have to be immediately available, additional the Fed would regulate commercial banks by performing periodic bank examinations to see that the bank was keepi= ng a responsible position by following the regulations. If there were a greater run= than the 10% reserve, the Fed would act as an emergency lender, providing short term funds.

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Federal Deposit Insurance Corpor= ation

Even with all of this involvement there were money panics and runs on banks. To create a gre= ater confidence in the banking system the Fed came up with the Federal Deposit Insurance Corporation which initially insured, by the U.S. Government, each account up to $100,000. This gave the public the confidence they needed and stopped the runs on banks.

For the Federal Savings and Loan there was created a similar insuran= ce, the Federal Savings and Loan Insurance Corporation.

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Organization

Checks and balances were created in the system to avoid centralizati= on of too much power. The structure was organized in three ways;

1. Geographically

2. Between the Public & Government Sectors

3. Among Bankers, Business, and the Public

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Organization ~ = 2

Checks and balances were created in the system to avoid centralizati= on of too much power. The structure was organized in three ways;

Geographically

Between the Public & Government Sectors

Among Bankers, Business, and the Public

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Organization ~ = 3

The Federal Reserve System is made up of:

Twelve regional Federal Reserve Banks in twelve Federal Reserve Districts.

1. The Federal Reserve Board

2. The Federal Open Market Committee

3. The Federal Advisory Council

4. Over 5,000 member banks

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Organization ~ = 4

The system is governed by a 7 member Board of Governors, known as the Federal Reserve Board. These governors are appointed by the U.S. President, then confirmed by the Senate for 14 year terms. These governors must be chosen from different Federal Reserve Districts.

The chairman of the board is chosen from amount the governors for a 4 year term. The chairman can be reappointed repeatedly.

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Organization ~ = 4

The governors set reserve requirements for commercial banks and effectively control the discount rate set by the Federal Reserve Ban= ks.

All of the Federal Banks are involved in monetary policy. Each reserve bank researche= s the needs for their district and appoints one banker to be a member of the Federal Advisory Council. The Advisory Council meets with the Board of Governors regarding monetary policy.=

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Economic Growth= & Inflation

The ultimate goal of the Federal Reserve is to implement a monetary policy that creates a healthy U.S. Economy. The U.S. economy is considered healthy when there is sustainable economic growth with fu= ll employment, stable prices, and reasonable interest rates.

The Fed takes action against a sluggish economy and also against thr= eats of inflationary trends.

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Tools for Imple= menting Monetary Policy

Three main tools are used by the Fed:

1. Reserve Requirements

2. Interest Rates (the discount rate and the federal funds rate)

3. Open Market Operations (buying and selling government securities)=

32

Reserve Require= ments

A banks reserve requirements are a percentage of its total deposits. In other wor= ds if the reserve requirement is 10% and the bank has $100,000 in deposits, they have to have $10,000 on hand either in its own vaults or at the Federal Reserve Bank in its district.

Reserve requirements range from 3% to 12%. The depository Institutions Deregulation and Monetary Control Act of 1980 subjected all commerci= al banks to the same reserve requirements as members of the Federal Res= erve. These requirements were also imposed on savings banks, savings and loans and credit unions.

33

Interest Rates<= /a>

The Fed has control over two interest rates:

The Federal Discount Rate

The Federal Funds Rate

34

Discount Rate

The Federal Discount Rate is the interest rate charged when a member= of the Federal Reserve System borrows money from one of the Federal Res= erve Banks.

Member banks borrow these funds cover a short fall in their funds. The discount rate is set by= the Federal Reserve Banks with the approval of the Fed’s Board of Governors.

35

Federal Funds R= ate

The federal funds rare is the interest rate banks charge each other = for overnight, unsecured loans. A bank that doesn’t have funds to meet its reserve requirements may borrow the money needed from a banks that have exce= ss reserves.

The federal funds rate is not set by the Fed;

Banks themselves determine how much they will charge each other for overnight loans.

When the Federal Open Market Committee meets, it sets a target for t= he federal funds rate.

36

Open Market Ope= rations

The Fed also buys and sells government securities. These transactions are call= ed open market operations. They are conducted by the Securities Department of the Federal Reserve Ba= nk of New York. (“ The Trading Desk, or just The Desk”) The “Trading Desk” follows the directives of the Federal Open Market Committee (FOMC). Open market operations are the most important tool for controlling the money supply, so the FOMC is the most important policy-making organization in the Fed.

37

Federal Open Ma= rket Committee

The FOMC meets about every six weeks. It consists of twelve membe= rs:

1. The Seven members of the Federal Reserve Board

2. The president of the New York Federal Reserve Bank

3. Four other Reserve Bank presidents.

The seven members who are not currently members of the FOMC normally attend and participate in these meetings.

38

Federal Open Ma= rket Committee

When the Fed buys government securities, it increases the money supply. The Fed may pa= y with cash, by check, or when purchasing from a bank by crediting the bank’s reserves that are on deposit with the fed. Regardless, = any of these actions puts more money into circulation.

When the Fed sells securities people with cash buy them and that tak= es money off of the open market and tightens, or reduces the money supp= ly.

39

Changes in Mone= tary Policy

The Fed has frequently changed its monetary policy, its primary objections and in the choice of tools used to reach those objectives. The Fed ha= s no direct control over inflation or the market interest rates, it works toward its goals by tracking certain economic indicators.

Its actions are more or less experimental, and when a particular experiment does not seem to be working, the Fed may try a different = one.

40

41

"Fiscal Po= licy"

Fiscal Policy: Government actions in raising revenue thought taxatio= n, spending money, and financing budget deficits.

Monetary Policy: Government action in controlling the money supply a= nd therefore the cost of borrowing money.

Federal Deficit: A shortfall in funds that occurs when the federal government spends more money than it collects in a particular year.<= /li>

Taxation: The federal government collects revenue through taxation.<= span style=3D'mso-spacerun:yes'> The rates at which people a= re taxed affects the amount of money taxpayers have available to invest= .

42

"Home Mort= gage Interest Deduction"

Home Mortgage Interest Deduction: Taxpayers can deduct interest paid= on loans on their home mortgages up to $500,000 ($1,000,000 for married couples filing jointly).

Exclusion of Gain on Sale of Home: A taxpayer may exclude from taxat= ion any gain on the sale of a principal residence, up to a limit of $250= ,000 (or $500,000 if married and filing jointly).

Cost Recovery Deductions: Real estate investors may take other deductions from their income taxes, such as deducting depreciation of investment property.

Federal Reserve System: The Federal Reserve system regulates commerc= ial banks and implements the nation’s monetary policy. Often referred to as “= ;the Fed.”

43

"Reserve Requirements"

Reserve Requirements: The Fed requires commercial banks to hold a certain portion of their deposits on Reserve for immediate withdrawa= l of depositors.

Federal reserve Bank: There are twelve Federal Reserve Banks, one for each Federal Reserve District, owned by the commercial banks within = that district.

Federal Reserve Board: The Federal Reserve System is controlled by a seven-member Board of Governors, know as the Federal Reserve Board.<= span style=3D'mso-spacerun:yes'> Each of the seven members is app= ointed from a different district to a 14-year term.

Inflation: Inflation is a period of price increases which occurs as a result of too rapid economic growth. The Fed seeks to limit infl= ation by using monetary policy to control growth.

44

"Interest = Rates"

Interest Rates: The Fed has control over two key interest rates:

1. The federal discount rate and

2. The federal funds rate.

Lenders tend to adjust their own short-term interest rates in respon= se to changes in these rates.

Open Market Operations: The Fed adjusts the money supply by engaging= in open market operations; as it buys and sells government securities it changes the amount of mon= ey available in circulation.

Federal Open Market Committee: The Federal Open Market Committee is a board that makes decisions regarding open market operations by the F= ed.

45

46

"The gover= nment controls the money..."

The government controls the money supply and the cost of money thro= ugh:

a. Fiscal Policy

b. Monetary Policy

c. Budgetary Policy

d. Fiduciary Policy

47

"1"

1. In a given year, the federal government spends more money that= it receives in revenue. The result is a:

a. federal deficit

b. federal debt

c. federal surplus

d. federal default

48

"Which ite= m may be excluded..."

Which item may be excluded from taxation, rather than simply taken a= s a deduction:

a. Home mortgage interest

b. Home equity loan interest

c. Gain on the sale of a principle residence

d. Depreciation of investment property

49

"The gain = from sale of..."

The gain from sale of which of the following properties would be excluded from taxation?

a. A residential rental owned for the last 10 years

b. A residential property used as a primary residence from ten yea= rs ago until five years ago

c. A vacation home owned for the last five years

d. A residential property used as a primary residence from four ye= ars ago until one year ago

50

"Which of = the following is..."

Which of the following is the best definition of reserve requirement= s?

a. Buying and selling government securities on the open market

b. Setting interest rates for loans to banks
facing cash shortfalls

c. Requiring banks to make a certain percentage of deposits availa= ble for immediate withdrawal

d. Controlling inflation by raising interest rates in order to slow growth

51

"How many = Federal Reserve Districts..."

How many Federal Reserve Districts and Federal Reserve Banks are the= re?

a. 7

b. 9

c. 12

d. 14

52

"Inflation= occurs when"

Inflation occurs when:

a. rapid economic growth causes prices to increase

b. The Fed raises interest rates

c. the Fed decreases the pool of available funds by selling government securities

d. economic stagnation causes higher unemployment

53

"The inter= est rate charged by..."

The interest rate charged by the Federal Reserve when a member bank borrows money to cover a shortfall in funds is the:

a. federal funds rate

b. federal discount rate

c. federal key rate

d. market interest rate

54

"The Feder= al Reserve decides to..."

The Federal Reserve decides to decrease the supply of money available. It will:
a. buy government securities and increase reserve requirements

b. buy government securities and decrease reserve requirements

c. sell government securities and increase reserve requirements
d. sell government securities and decrease reserve requirements.

55

"In the ea= rly 1980’s"

In the early 1980’s, the Fed tried to control inflation by restricting growth of the money supply. What happened?

a. Interest rates shot up

b. Interest rates plunged

c. Inflation got worse

d. The government bought back most of its government securities

56

57

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