This document discusses various tax considerations related to managerial decisions such as expenses allowed as deductions, treatment of losses, replacement of assets, make or buy decisions, sale of assets used for scientific research, and owning or leasing assets. It provides details on tax provisions and calculations for comparing options. For example, when deciding between owning and leasing an asset, it recommends calculating the present value of post-tax cash outflows for both options and selecting the one with the lower present value. The document also includes an example problem comparing the options of purchasing an asset with borrowed funds versus leasing it.