In the March Taxes column, you imply that it is better to choose straight-line depreciation on real property instead of the accelerated version, since disposal of accelerated property is taxed at ordinary income rates, while straight-line property is taxed at capital gains rates. I would advise my clients, however, to choose accelerated depreciation because the net present value of the increased cash flow and ordinary income tax at disposal far exceeds the net present value of lesser cash flow and capital gains rates. When all is said and done, it is cash flow that makes businesses run -- not tax rates, depreciation charges, or capital gains vs. ordinary income.