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It is common practice to calculate the present value (PV) or net present value (NPV) of a future cash inflow net of the current capital gains tax rate. Various finance, accounting, and investment texts, the popular Wiley Finance Series, and many respected undergraduate finance textbooks such as those published by McGraw-Hill, Blackwell) assume or ignore without justification the current capital gains tax rate when reducing the cash flow that is to be discounted. However, using the government’s current enacted rate as an estimate of what the future rate will be may lend itself to an inaccurate PV or NPV calculation.