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means to acquire a substantial ownership share should be perceived as largely substitutable wage earners. Similarly, it remains a widely held view that the only real risk takers, and, therefore, the only legitimate residual claimants, are those who contribute financial resources to the venture. However, this view is conceptually misguided. Arguably, the greatest risk is taken by those persons who spend the most critical years of their careers and risk their human capital in new risky ventures with a high expected rate of return. Their opportunity cost tends to be high

base income that may provide a foundation for pursuing an alternative career. There is good reason to encourage such a development, primarily because this entails an extended working life. The flexibility of the national pension system could play an important role here. This includes the right to collect old-age pension starting at age 61 and that people who continue working also continue to pay pension contributions and earn pension rights. The system allows a smooth transition from work to retirement and creates incentives to work longer. In addition to the

had required based on Section 28 of the VML. A taxpayer who had been playing golf as his profession for a long time had the purpose of setting up a company to conduct competitive activities, administering necessary support functions as well as administering and exploiting intellectual property rights. The purpose of the company was to exploit the player’s image and to expand the businesses even after the actual career. The arrangement would also clarify the source taxation for the prize money from different countries. In addition to the prize money from the games

Föderalismus, Braumüller, Vienna. Dachs Herbert, 2006a, ‘Parteiensysteme in den Bundesländern’, in Dachs Herbert et al. (eds.), Politik in Österreich, Manz, Vienna: 1008-1023. Dachs Herbert (ed), 2006b, Zwischen Wettbewerb und Konsens. Landtagswahlkämpfe in Österreichs Bundesländern 1945-1970, Böhlau, Vienna. Decker Frank, 2011, Regieren im „Parteienbundesstaat“. Zur Architektur der deutschen Politik, VS-Verlag, Wiesbaden. Detterbeck Klaus, 2011, ‘Party careers in federal systems: vertical linkages within Austrian, German, Canadian and Australian parties’, Regional and