Our tax calculations actually create two separate circularities:
Circularity 1: Debt sizing
Circularity 2: Disallowable debt interest
If we want to avoid circularities in our model, we will have to ensure that we break both of these.
But why do we want to avoid circularities in our model in the first place?
We'll look at that next before coming back to see how we can break them.
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