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Say a firm has $ 2 0 million NOL that will be used up in year 1 2 . Statutory tax rate is expected to

Say a firm has $

20

million NOL that will be used up in year

12 .

Statutory tax rate is expected to be

21 % .

Assume an after

-

tax discount rate of

7 % .

What is the marginal tax rate? MTR

= \frac{S + r}{(1 + r)^{3}} =

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