The book "Business Valuation and Personal Taxes" by Fabian Söffge offers a comprehensive analysis of the consideration of personal taxes in business valuation. While the consideration of corporate taxes in valuation is widely recognized, there is no unified consensus on the role of personal taxes. This specialized book aims to shed light on this controversial topic from theoretical, practical, and empirical perspectives. It begins by introducing the views of proponents of the full and no-tax theses to develop a valuation calculation that is independent of any specific tax system. This calculation is then adapted to the various German tax regulations of the past ten years. The book addresses the challenges and theoretical limitations associated with this adaptation and concludes with an empirical examination of the Tax-CAPM on the German capital market over a period of seven years. The results are discussed in terms of the trade-off between accuracy and complexity in business valuations.