Under the principle of cashflow estimation, why it is important that cashflow should be measured on after-tax basis?

Entrepreneurial Finance
6th Edition
ISBN:9781337635653
Author:Leach
Publisher:Leach
Chapter10: Valuing Early-stage Ventures
Section10.6: Accounting Versus Equity Valuation Cash Flow
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Under the principle of cashflow estimation, why it is important that cashflow should be measured on after-tax basis? 

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