ivPaul - I think that NPV calc's are done on pre-tax cashflows -...

ivPaul - I think that NPV calc's are done on pre-tax cashflows - I'm checking that. Is logical when you think about what an NPV is - a comparison between your cash flows from the project vs cash flows from investing at an assumed interest rate (discount rate). In both cases, cash flows must be pre-tax, otherwise you have to adjust your discount rate accordingly.