Do you include or exclude taxes?

[Cory Brown]

Hey there,

When forecasting a return for a corporate investment structure, do you subtract state and federal taxes from your ROI calculations?
*** I ask as it doesn't seem that the BP deal calculators factor in state and federal taxes. It only seems to account for municipal which reduces net income before the feds come for their share. ***

For example, if my R/E investments generate $100,000 in net income (held in a corporation) and these profits will be distributed to investors, do you subtract state and federal taxes to find the ROI and IRR?

Corporation net income:$100,000

State/Federal taxes (20%): $20,000

True Net Income: $80,000

What calculations do you use?