Tax benefit/(liability) for Developer Fee

Hi,

It appears that in the all-equity flip model, SAM calculates the developer's total cash flow in year one differently than explained in the help file or from what you can see in the data tables.

The help file says:

Total Developer After-tax Returns = Cash + Investment Tax Credit + Production Tax Credit + Share of Project Tax Benefit/(Liability)

However, in Year 1, in the cash flow sheet and in the data tables I have:
Cash = $5,970
ITC = $0
PTC = $0
Tax benefit share = $0
Total = $-3,257

This is obviously incorrect. After banging my head for a while, I noticed that I have the following for Year 0:
Developer's Fee = $24,754
Tax benefit share = $0

Since taxes would be due on the Developer's Fee, if I apply the following tax rates to the Developer's Fee I get:
Developer's Fee = $24,754
State Tax Rate = 3.5%
Federal Tax Rate = 35%
Tax benefit/(liability) = -$24,754*(Fed Rate + State Rate - (Fed Rate * State Rate)) = -$9,227
(the 3rd term is for deducting State taxes from Federal taxes)

Applying this tax liability to the tax liability in Year 1 I get:
Cash = $5,970
ITC = $0
PTC = $0
Tax benefit share = -$9,227
Total = $-3,257

My calculation of cummulative NPV then matches SAM's calculation of NPV.

It appears that SAM is calculating the tax liability for the developer's fee received in Year 0 and applying it in Year 1 at a non-inflated rate.

Shouldn't this tax liability be applied in Year 0, not in Year 1?

While it doesn't impact NPV very much, it makes the developer's cash flow in Year 1 go negative. This doesn't make sense as the project cash flow in Year 1 is positive and the investor's share of cash and tax benefits are not more than 100%.

Thanks!