software as capital

[Rakesh Bhandari]

Jordan, is the decision to expense--rather than capitalize--software tax
related? That is, expensing  would reduce the amount of taxes paid over the
three year span in your helpful example? Or do taxes paid work out to be
same either way just like profits? I imagine these decisions over exp. vs
cap. are made with the tax man in mind. Is it possible that profits would
not be robust at all--certaintly they would not justify the bull market--if
not for creative tax avoidance?
--rakesh