Hi All - 

For those that are planning to structure their search acquisitions as pass-through entities, how are you modeling the new tax law changes?  I had previously simply been using the top personal income tax rate (~40%) to calculate an after-tax IRR, but the new law for pass-throughs should significantly reduce that.  

My new interpretation is to deduct 20% of the income and then apply the top rate, but I would be curious how others are approaching this.

Obviously I will consult an expert once an acquisition is made, but just looking for a good assumption for modeling an after-tax IRR for now.