BBS stores - j 09 part b

Sir I may have a few followups after this one on this topic. 1. when he gives the gearing for the property market, he uses the term "gearing (adjusted for tax)". my question is: what does he mean by this? if i was to take a shot at it, i wd say that this is: D(1-T) / [D(1-T)+E]. correct? and since the tax thingy has been adjusted, that is why when we are calculating the asset beta, we do not use 50/50+.65x50. is that correct?