Quick Q: Do we subtract/add: 1) non-reversible DTL (since its in equity, do we remove from FCFF?) 2. reversible DTL as now its a liability?

Pg 393: Middle of page. If company has the ability to consistently DEFER the tax liability to the future - adding it to Net Income is warranted. So it is in Equity. No need to remove. But acquirer should be aware that the taxes would need to be paid some time in the future. If they are liable to reverse - do not add it in.

thank you! was doing a second pass with Schweser and it through me off