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标题: Reading 46: Investment Analysis- LOS c～ Q1 [打印本页]

作者: youzizhang 时间: 2009-3-10 10:09 标题: [2009] Session 13 - Reading 46: Investment Analysis- LOS c～ Q1

LOS c: Calculate the after-tax cash flow and the after-tax equity reversion from real estate properties.

Q1. Assume you are considering investing in an apartment building with the following estimated financial characteristics:

Net operating income (NOI) = $60,000.
Net operating income growth rate = 5% per year.
Tax depreciation = $10,000 per year.
Annual interest expense = $9,000.
Annual debt service expense = $12,000.
Equity investors marginal income tax rate = 36%.
Investment horizon = four years.

The year-2 and year-3 cash flow after taxes is closest to:

A) CFAT₂ = $31,600 and CFAT₃ = $33,400.

B) CFAT₂ = $35,160 and CFAT₃ = $37,176.

C) CFAT₂ = $33,240 and CFAT₃ = $37,176.

[此贴子已经被作者于2009-3-10 10:14:46编辑过]

作者: youzizhang 时间: 2009-3-10 10:14 标题: [2009] Session 13 - Reading 46: Investment Analysis- LOS c～ Q1

LOS c: Calculate the after-tax cash flow and the after-tax equity reversion from real estate properties. fficeffice" />

Q1. Assume you are considering investing in an apartment building with the following estimated financial characteristics:

Net operating income (NOI) = $60,000.
Net operating income growth rate = 5% per year.
Tax depreciation = $10,000 per year.
Annual interest expense = $9,000.
Annual debt service expense = $12,000.
Equity investors marginal income tax rate = 36%.
Investment horizon = four years.

The year-2 and year-3 cash flow after taxes is closest to:

A) CFAT₂ = $31,600 and CFAT₃ = $33,400.

B) CFAT₂ = $35,160 and CFAT₃ = $37,176.

C) CFAT₂ = $33,240 and CFAT₃ = $37,176.

Correct answer is B)

Taxes Payable Computation:

Year-1

Year-2

Year-3

Year-4

NOI (g = 5%)

$60,000

$63,000

$66,150

$69,458

Less depreciation

(10,000)

(10,000)

(10,000)

(10,000)

Less interest

(9,000)

(9,000)

(9,000)

(9,000)

Taxable income

41,000

44,000

47,150

50,458

times tax rate

′0.36

′0.36

′0.36

′0.36

Income taxes payable

$14,760

$15,840

$16,974

$18,165

CFATt Computation:

Year-1

Year-2

Year-3

Year-3

NOI (g = 5%)

$60,000

$63,000

$66,150

$69,458

Less debt service

(12,000)

(12,000)

(12,000)

(12,000)

Before tax cash flow

$48,000

$51,000

$54,150

$57,458

Less taxes payable

(14,760)

(15,840)

(16,974)

(18,165)

CFAT

$33,240

$35,160

$37,176

$39,293

作者: cyyap1011 时间: 2009-3-11 12:43

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Taxes Payable Computation:
	Year-1	Year-2	Year-3	Year-4
NOI (g = 5%)	$60,000	$63,000	$66,150	$69,458
Less depreciation	(10,000)	(10,000)	(10,000)	(10,000)
Less interest	(9,000)	(9,000)	(9,000)	(9,000)
Taxable income	41,000	44,000	47,150	50,458
times tax rate	′0.36	′0.36	′0.36	′0.36
Income taxes payable	$14,760	$15,840	$16,974	$18,165

CFATt Computation:
	Year-1	Year-2	Year-3	Year-3
NOI (g = 5%)	$60,000	$63,000	$66,150	$69,458
Less debt service	(12,000)	(12,000)	(12,000)	(12,000)
Before tax cash flow	$48,000	$51,000	$54,150	$57,458
Less taxes payable	(14,760)	(15,840)	(16,974)	(18,165)
CFAT	$33,240	$35,160	$37,176	$39,293