Of course it does. Running a company is an investment. If the after-tax return on that investment doesn't justify the risk behind it, then it's a bad investment, and the resources should be directed elsewhere.I believe what you are talking about is "opportunity costs." "Time value of money" is something completely different.
Time Value of Money is a component of the Interest Rate. Essentially it is the cost of delaying consumption between now and a future period. In other words how much will it cost for me to lend you $1000 until period 2.
It has nothing to do with income taxes and he is trying to talk about "Opportunity costs" in his example.
Actually after thinking about it a little more Time Value of MOney measures the Opportunity costs of Intertemporal Consumption. Giving it up today costs I+r.