I agree with Mark and Dylan's analysis. ?From an analytical standpoint I  
agree with Dylan. ?We should not include shareholder taxes in the analysis. ? 
However Munro is representing the shareholders best interest. ?In the write  
up we could differentiate the options based on the value to the Time  
shareholders. ?We don't know their cost basis, but we could just look at the  
pop from ~135 to 175 (Paramount's bid effect). ?Just assume each individual  
invester is in the 30% incremental tax bracket (fed + state) and coment on  
the effect. 

Even this tax analysis is a stretch. ?Because the tax effect is a pay me now  
or pay me later effect for the stockholders. ?How long is the tax deferrel  
for each shareholder (avg shareholder age, etc). ?All of these factors max  
this analysis wishy washy. ?That's why I think we should ony comment 
somewhat  
qualitatively in the write up. ?In the number crunching we should leave the  
tax effect to the individual shareholder out as Dylan suggests. 
Jimmy