Taxes in Sculpting and Circularity

This webpage addresses the problem that occurs when taxes are included in sculpted debt analysis. With the payment of corporate income taxes the issue of sculpting changes from a simple matter of evaluating a couple of mathematical formulas (debt service = CFADS/DSCR and PV of Debt Service = Debt), into a circular reference issue.  The problem … Continue reading Taxes in Sculpting and Circularity