NOPAT with benefits from income taxes

Hey - am using the marginal tax rate for my NOPAT calculations. How do you treat benefits from income taxes though? Simply using 0% for the marginal tax rate so that operating profit = NOPAT?

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Class of '28 Aug 2026 Cohort

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“Stephanie was an outstanding resume reviewer. She replied within a day, gave detailed feedback in every round, and stayed responsive even while travelling abroad. When I explained I was targeting biotech equity research rather than IB, she adapted her advice quickly and showed me how to translate my scientific work into investment language: commercial relevance, diligence skills and outcome-driven bullets, while keeping my technical credibility. She also gave honest, practical advice on public market exposure and certifications. My final resume scored 97 on the AI review. Highly recommend her!”

Class of '24 Oct 2026 Cohort

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+9	Sophomore, low semi-target, late start into finance recruiting. Feasible for equity research/credit research/risk? What technicals should I actually be learning right now?	4	2d
+9	Case-Study Assignment Take Home	1	3w
+9	UBS ER SA27 Superday	7	5d
+7	Uiuc or Ross or UChicago	8	1d
+1	Semis Analysts Question	2	2w

1	redever	99.2
2	BankonBanking	99.0
3	kanon	99.0
4	Secyh62	99.0
5	Betsy Massar	98.9
6	CompBanker	98.9
7	GameTheory	98.9
8	dosk17	98.9
9	DrApeman	98.9
10	Mimbs	98.8

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NOPAT with benefits from income taxes

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