Traditional CAPM driven valuation accounts for taxes at the corporate level but does not consider the personal taxes of the investor. For instance, the CAPM discount rate and free cash flow calculations used to calculate intrinsic value account for the 21% corporate tax rate but do not account for individual capital gains taxes or dividend taxes. When valuing flow-through entities like LLCs or partnerships, how are you accounting for taxes? Just using the corporate tax rate for comparability? Are you adjusting the tax rate down from the corporate level to account for some benefit of the flow-through? Using zero as a tax rate because the flow-through entity doesn’t pay taxes? Interested in what others are doing as well as any published approaches (academic or from practitioners).