In general, I have not seen Berkshire's deferred taxes lumped in with insurance float for purposes of calculating Berkshire's intrinsic value based on the "float based" model. Instead, I think it is better to view the deferred tax situation as an enhancement to the expected returns of Berkshire's investment portfolio. The expected after-tax returns of the portfolio are enhanced by the presence of this "interest free loan" from the government. That seems to me to be a cleaner way of viewing the deferred taxes.
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