Tax Advisers - Deloitte

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Austria Wolf-Dieter Arnold ARNOLD Rechtsanwalts-Partnerschaft, Vienna Nina Doralt Ernst & Young, Vienna Florian Gibitz bpv Hügel Rechtsanwälte OEG, Vienna Andreas Hable Binder Grösswang Rechtsanwälte, Vienna Clemens Hasenauer (see bio) CHSH Cerha Hempel Spiegelfeld Hlawati, Vienna (see advert on page 14) Christian Hoenig Wolf Theiss, Vienna Hanns F Hügel bpv Hügel Rechtsanwälte OEG, Vienna Reinhard Leitner Leitner + Leitner, Linz Johann Mühlehner KPMG Gruppe Österreich, Vienna Roland Rief Ernst & Young, Vienna Friedrich Roedler PricewaterhouseCoopers, Vienna Niklas Schmidt Wolf Theiss, Vienna Robert Schneider SchneideR’S Attorney at Law, Vienna Claus Staringer Freshfields Bruckhaus Deringer, Vienna Hellwig Torggler Schönherr, Vienna Hans Zoechling KPMG Gruppe Österreich, Vienna 16 Guide to the World’s Leading Tax Advisers
Belgium Belgium increases its scrutiny of transfer-pricing issues Patrick Cauwenbergh Deloitte Brussels In the 2004 edition of this Guide, we described the Belgian transfer-pricing regulations introduced on July 9 2004. The 2004 Act introduced the arm’s-length principle as the domestic legal basis, as well as the concept of correlative adjustments, which implied that the Belgian tax authorities would accept a downward adjustment to the taxable results of the Belgian taxpayer to the extent that it corresponded to a correct upwards foreign transfer-pricing adjustment. The 2004 Act overwrote Article 26 of the Belgian Income Tax Code (BITC) in the case of cross-border transactions between two companies that are part of a multinational group of associated enterprises; or between two permanent establishments (one being Belgian), a Belgian head office and its foreign permanent establishment, or a foreign head office and its Belgian permanent establishment. However, the domestic controlled transactions and the cross-border transactions between a company and a physical person are still covered by Article 26 of the BITC. The 2004 Act also introduced a more flexible and pragmatic advance-pricing agreement regime, allowing taxpayers to obtain advance security about all issues related to tax-aligned supply chain structures (such as exit charges, permanent establishment, relationship between transfer pricing and customs value, and so on). In addition to the 2004 Act, in 2005 Belgium introduced a tax deduction for risk capital (notional interest deduction). Both the 2004 Act and the notional interest deduction are measures that have made Belgium especially attractive for foreign investments. Indeed, under the new advance-pricing agreement regime of the 2004 Act, it is possible to obtain a partial or even total tax exemption of the excess (operating) profit resulting from restructuring a business, while still respecting the arm’s-length principle. The second measure, the notional interest deduction, provides for a deduction from the taxpayer’s taxable base equal to a percentage of the entity’s (allocated) equity. In the right circumstances, the excessive profit ruling and the notional interest deduction could be combined and thus provide an effective way to substantially reduce the group’s effective tax rate. Furthermore, the absence of strict thin capitalization rules, the relative ease of implementing hybrid financing structures and the attractive holding company features further contribute to making the Belgian tax climate similar to, or even more enticing than, those found in more traditional conduit countries, such as Ireland, Luxembourg or Switzerland. Along with creating these tax-planning opportunities, the Belgian tax authority sharpened its focus on the in-depth transfer-pricing audits. In 2005, a special transferpricing audit squad was established, consisting of specialists and focusing on the transfer-pricing audits of companies belonging to a multinational group. The squad uses a detailed customized questionnaire that is time-consuming and difficult to answer if no transfer-pricing documentation is readily available. Most recently, on November 20 2006, the Belgian tax administration issued a new circular that provides the tax administration with general guidelines regarding the transfer-pricing documentation in the case of an audit. Although the circular does not impose any obligation to prepare transfer-pricing documentation in advance, it defines the factors and situations which make the audit likely for certain Belgian taxpayers. Among these are the following: the use of so-called tax haven countries when no economic value is added as well as direct and indirect payments to entities in tax havens; the use of back-to-back arrangements to hide the true nature of a transaction; complex arrangements and circular structures that produce little or no additional economic value; structural losses at a level of Belgian group entities; reorganization and relocation of affiliated entities, particularly involving the valuation and payment 17
Page 1: www.expertguides.com The Legal Medi
Page 4 and 5: Methodology Welcome to the 2007 Gui
Page 6 and 7: Argentina Taxes, the global picture
Page 8 and 9: Argentina Carlos Iannucci Deloitte
Page 10 and 11: Argentina Alejandro Claudio Altamir
Page 12 and 13: Australia Mark Green Minter Ellison
Page 14 and 15: Australia Charles Armitage Allens A
Page 16 and 17: Commercial Banking & finance and ca
Page 20 and 21: Belgium for intellectual property;
Page 22 and 23: Belgium Jacques De Witte Deloitte B
Page 24 and 25: Belgium Jan A Roels Deloitte Berken
Page 26 and 27: Belgium Dirk Van Stappen KPMG Prins
Page 28 and 29: Belgium Bolivia Jan A Roels (see bi
Page 30 and 31: Brazil João Alfredo Branco Deloitt
Page 32 and 33: Brazil Gustavo Lian Haddad Lefosse
Page 34 and 35: Brazil Cristina Arantes A Berry (se
Page 36 and 37: Canada 2006 - a year of significant
Page 38 and 39: Canada Albert Baker Deloitte 1055 D
Page 40 and 41: Canada Brian R Carr Fraser Milner C
Page 42 and 43: Canada Wilfrid Lefebvre QC Ogilvy R
Page 44 and 45: Canada Warren J A Mitchell, QC Thor
Page 46 and 47: Canada Joel Alan Nitikman Fraser Mi
Page 48 and 49: Canada Michael J O’Keefe Thorstei
Page 50 and 51: Canada Sandra Slaats Deloitte 181 B
Page 52 and 53: Canada Jeffrey C Trossman Blake, Ca
Page 54 and 55: Canada Barbara Worndl Aird & Berlis
Page 56 and 57: Canada Firoz Ahmed Osler Hoskin & H
Page 58 and 59: Canada Alan M Schwartz Fasken Marti
Page 60 and 61: Chile Anthony Cook Deloitte Av Prov
Page 62 and 63: Chile Julio Pereira Pricewaterhouse
Page 64 and 65: China Joseph Tse Deloitte 30/F Bund
Page 66 and 67: Colombia Jaime Vargas-Cifuentes Del
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Cyprus Andreas Neocleous Andreas Ne
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Cyprus Andreas Neocleous (see bio)
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Czech Republic Jan Capek (see bio)
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Denmark Lars Loftager Jørgensen De
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Finland Arto Kukkonen HH Partners M
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Finland Outi Ukkola Deloitte Porkka
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France Pierre-Jean Douvier CMS Bure
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France Edouard Milhac CMS Bureau Fr
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France Claire Acard Ernst & Young,
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Germany New directions for tax in G
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Germany Hubertus Baumhoff Flick Goc
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Germany Michael Best P+P Pöllath +
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Germany Dieter Endres Pricewaterhou
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Germany Wilhelm Haarmann HAARMANN P
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Germany Jürgen Lüdicke Pricewater
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Germany Andreas Rodin P+P Pöllath
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Germany Wolfgang Tischbirek P+P Pö
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Germany Alexander Voegele NERA Econ
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Germany Holger Häuselmann Freshfie
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Hong Kong SAR Kaiser Kwan Deloitte
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Hong Kong SAR Vaughn Barber KPMG, H
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Hungary Péter Oszkó Deloitte Dóz
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India Mukesh Butani BMR & Associate
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India S Madhavan PricewaterhouseCoo
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India Pranav N Sayta Ernst & Young
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India Mukesh H Butani (see bio) BMR
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Ireland Aidan Fagan Deloitte Deloit
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Ireland Israel Fintan Clancy Arthur
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Italy Enrico Vitali Vitali Romagnol
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Japan Setsuko Fukushima Deloitte To
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Japan Ken Okawara Shin Nihon Ernst
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Japan Koichi Sekiya Shin Nihon Erns
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Luxembourg Luxembourg on the move R
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Luxembourg René Beltjens Pricewate
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Luxembourg Jean-Pierre Winandy Loye
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Mexico Jaime González-Bendiksen Ba
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Mexico Javier Goyeneche Deloitte Pa
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Mexico Enrique Calvo Nicolau Calvo
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The Netherlands The rapid changes i
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The Netherlands Roderik Bouwman DLA
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The Netherlands Rutger Hafkenscheid
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The Netherlands Peter Willeme Deloi
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The Netherlands Charles J Langereis
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New Zealand While the FDR proposals
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New Zealand Thomas Pippos Deloitte
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Norway Svein G Andresen KPMG KPMG H
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Norway Anders H Liland KPMG Law Adv
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Norway Panama Svein G Andresen (see
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Poland Leszek Tokarski Deloitte ul
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Portugal Luís Belo Deloitte Praça
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Portugal Diogo Leite de Campos PLMJ
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Portugal Rosa Freitas Deloitte Edif
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Portugal Miguel Leónidas Rocha Del
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Russia Lioudmila Mamet Pricewaterho
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Russia Alexander A Bychkov Baker &
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Singapore Sum Yee-Loong Deloitte 6
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Singapore Choy Wai Cheong Ernst & Y
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South Africa It should also be note
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South Africa A major advantage of t
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South Africa Anne Bennett Deloitte
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South Africa David Clegg Ernst & Yo
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South Africa Michael Honiball KPMG
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South Africa Sean Kruger Ernst & Yo
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South Africa Mark Linington Webber
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South Africa Anne Bennett (see bio)
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South Korea So-Yong Kim Deloitte Ha
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South Korea Il-Hwan Oh Samil Pricew
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South Korea Sai Ree Yun Woo Yun Kan
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Spain Tax reforms keep pace with ec
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Spain Ángel Calleja Garrigues Herm
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Spain Ricardo Gómez Garrigues Herm
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Spain Antonio Valdivia Garrigues Av
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Sweden Joachim Agrell Deloitte Rehn
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Sweden Ernst Forsberg Pricewaterhou
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Sweden Joachim Agrell (see bio) Del
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Switzerland Peter Athanas Ernst & Y
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Switzerland Walter H Boss Blum Atto
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Switzerland Philip Robinson Ernst &
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Switzerland Peter R Altenburger (se
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United Kingdom Chris Adams Deloitte
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United Kingdom Terry Awan Deloitte
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United Kingdom Andrew Casley Pricew
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United Kingdom Fred R Gander Dewey
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United Kingdom Steve Hasson Pricewa
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United Kingdom Andrew Hickman KPMG
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United Kingdom Charles G Lubar Morg
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United Kingdom Chris Rolfe Pricewat
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United Kingdom Eric Tomsett Deloitt
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United Kingdom Steve Edge Slaughter
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United Kingdom Eelco van der Stok F
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United States Foreign tax credit Fo
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United States William J Amon Deloit
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United States J Gregory Ballentine
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United States Henry J Birnkrant Als
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United States David H Brockway McKe
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United States Richard A Clark Deloi
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United States Robert T Cole Alston
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United States Philip C Cook Alston
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United States Maurice Emmer Deloitt
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United States James P Fuller Fenwic
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United States Jorge A Gross Pricewa
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United States Steven D Harris KPMG
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United States Kenneth H Heitner Wei
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United States Nancy L Iredale Paul,
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United States John P Kennedy Deloit
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United States Felix B Laughlin Dewe
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United States Marc M Levey Baker &
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United States Jerome B Libin Suther
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United States Carlyn S McCaffrey We
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United States Philip D Morrison Del
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United States Dan Munger Deloitte T
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United States William F Nelson McKe
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United States David Z Nirenberg McK
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United States Amin Nosrat Deloitte
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United States Jeffrey O’Donnell D
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United States Lawrence A Pollack KP
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United States Walter T Raineri Fenw
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United States Ronald D Saake Deloit
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United States Jodi J Schwartz Wacht
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United States Abraham N M Shashy De
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United States Richard W Skillman Ca
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United States Giovanna T Sparagna S
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United States Steven Surdell Ernst
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United States Leonard B Terr Baker
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United States T Timothy Tuerff Delo
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United States David R Warco Deloitt
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United States Thomas F Wessel KPMG
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United States Bob Ackerman Ernst &
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United States Robert E Culbertson K
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United States Ronald B Harvey (see
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United States Philip D Morrison (se
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United States Leslie J Schneider Iv
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United States Robert Wellen Ivins P
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Venezuela Oswaldo Anzola Rodríguez
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Deneys Reitz, 194 Dewey Ballantine,
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