Velez-Pareja, Ignacio; Franco, Julian Benavides - MASTER CONSULTORES - 2009
When calculating Tax Savings, TS, we are confronted with a strange mix of accounting accrual and market value when … to TS once they accrue the interest expense and they actually earn the TS when taxes are paid. Tax savings and the …. These formulations can be used to introduce any type of externality that creates value through tax savings not captured by …