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Book
vs.
Cash
Taxes,
NOL
Schedule
Deferred
Tax
Liabilities
Okay,
so
now
were
going
to
from
where
we
left
off
where
we
had
finished
going
through,
and
modifying
most
of
our
income
statement.
We
had
taken
into
account
all
the
acquisition
effects
that
you
see,
right
up
here.
We
had
added
in
the
interest
expense,
sponsor
management
fees,
cost
savings,
and
then
the
common
and
preferred
stock
dividends,
right
down
here.
And
now
what
we
want
to
s
modify
this
income
tax
provision
formula,
and
this
actual
formula
will
not
be
too
much
different,
once
were
done.
But
the
problem
is
that
we
need
to
take
into
account
the
fact
that
Yahoo
has
NOL’s,
and
in
addition
to
their
existin
operating
losses,
we
also
have
to
take
into
account
the
fact
that
they
have
negative
pre‐tax
income
in
future
years,
as
well,
whiay
actually
create
NOL’s,
and
actually
add
to
our
NOL
balance.
And
to
properly
take
all
of
this
into
account
in
our
model
we
need
to
create
a
book
versus
cash
tax
schedule,
very
similar
to
what
we
did
for
the
merger
model
before,
with
a
couple
of
modifications.
[01:00]
So,
to
start
things,
Im
going
to
go
right
over
to
the
merger
model,
and
Im
actually
going
to
take
the
tax
schedule
right
from
here,
and
Im
going
to
just
copy
this
sheet;
just
go
to
move
or
copy.
And
Ill
press
‘ALT
+
C’
to
create
a
copy,
and
I
want
to
put
this
at
the
very
end
of
the
worksheet.
So,
Im
going
to
say
move
to
end,
right
here.
Im
going
to
rename
this
worksheet,
by
pressing
‘ALT
+
O
+
H
+
R’
to
rename
the
tab,
and
Im
going
to
name
it
‘LBO
–Taxes’.
So,
were
going
to
have
to
change
a
couple
of
things,
here.
First
off
we
had
GAAP
and
pro‐forma
for
our
merger
model.
For
the
LBO
model
it
really
makes
no
sense
to
look
at
this,
because
all
we
care
about
in
is
the
return.
Were
not
looking
at
pro‐forma
versus
GAAP,
EPS,
or
anything
like
that.
So,
I
am
just
going
to
delete
this
pro‐forma
column.
W
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