Before revision:  Here we extend the semi-replication approach in ( Burgard and Kjaer  2013) to include partial risk warehousing and tax consequences.
After revision:  Here we extend the semi-replication approach in ( Burgard and Kjaer 2013) and the capital formalism (KVA) of Green, Kenyon, and Dennis (2014) to cover credit risk warehousing and tax consequences.