Why didn't J Scott estimate for any flipping Capital Gains tax?

[Parker Steele]

I'm reading J Scott's The Book on Flipping Houses, which is full of great information, but he leaves out Capital Gains tax from the Rehab Analysis Worksheet. Not only that, but there is no mention of it in the entire book. My understanding, assuming you've owned the property for under 2 years, is that you're taxed on the profit - sales price, minus renovations, commissions, closing costs and fee, original purchase price. 

Are there any CPA's or flippers who can offer advice from experience? Also, what are the tax implications if you're treating each property as an LLC via an S-corp? Which entity ends up paying the tax?

Thanks!