Who Includes Rental Income Tax as an expense?!

[Jack Tinker]

I am curious. Typically when I analyze a property I include the usual (property tax, insurance, etc.), I was wondering if anyone includes rental income tax as an expense when analyzing a property? For example, after deducting insurance and whatever other tax write-offs there are (renovations, anything else?), you have to pay that tax (depending on your annual earnings). Obviously this would effect the COCROI, so I'm thinking it should be an expense. 

Let me know your thoughts :)