M\&M and Taxes Southside Systems has $400 million of outstanding debt with a 5% required rate of retum. Southside has a required return on assets of 13%, an EBIT of $35 million, and a corporate tax rate of 20%. a. Calculate Southside's present value of the debt tax shields and total firm value. b. Calculate Southside's gain from leverage if there are personal taxes of 23% on stock income and 32% on debt income. a. Southside's present value of the debt tax shieids is $ (Round to the nearest doliar.) Southside's total firm value is $ (Round to the nearest dollar.) b. Southside's gain from leverage is $ (Round to the nearest dollar.)