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Assume M&M's perfect capital markets hold. If we relax the 'No taxes condition but keep the other conditions of pedect capital markets does debe increase

Assume M&M's perfect capital markets hold. If we relax the 'No taxes condition but keep the other conditions of pedect capital markets does debe increase or decrease firm value? Why? For the toolbat press ALT+F10 (PC) or ALT FN-F10(Mac)

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