Abstract
Abstract The tax rate utilized in capital budgeting studies has a substantial effect on investment performance as estimated by the net present value (NPV) and internal rate of return (IRR). Selecting the incorrect federal income tax rate can have a profound effect on investment decisions. Although there is currently considerable discussion in Congress about changing the present tax structure, the consequences of selecting an incorrect tax rate will prevail so long as there is a graduated schedule of any kind. North. J. Appl. For. 3:101-103, Sept. 1986.
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