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Cost of retained earnings

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(Querist)
07 November 2012 While calculating cost of retained earnings we need to adjust for shareholders personal income tax and brokerage expenses i.e.
Kr=Ke(1-T)(1-B)
I need to know why do we adjust for shareholders personal tax since dividend income is exempted in the hands of shareholders?
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
20 November 2012 As it is statutory as per the Tax laws of the country

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