TAXES AND PERFORMANCE HURDLES (IRR OR MOIC)

I'm wondering if there is a rule of thumb for whether IRR or MOIC hurdles are pre- or post-tax? I've seen both and am wondering if one way is "standard."

Obviously, taxes are a real cash outflow (i.e. a distribution in a pass through entity) but if IRR or MOIC hurdles are pre-tax then are the tax payments simply an add back for the IRR or MOIC hurdle calculations?




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