答案和详解如下： 1．A property was purchased for $550,000 and sold after six years for $850,000. Costs associated with the sale were $65,000 and the tax depreciation in each year was $20,000. At the time of the sale, $320,000 remained outstanding on the mortgage. The tax rate on recaptured depreciation is 28 percent and the long-term capital gains tax rate is 20 percent. The equity reversion after taxes for this property is closest to: A) $384,400. B) $365,600. C) $449,400. D) $569,200. The correct answer was A) Equity reversion after taxes (ERAT) = net selling price – mortgage balance – taxes. First, compute taxes. Recaptured depreciation = 6 x $20,000 = $120,000 Tax on recaptured depreciation = $120,000 ´ 0.28 = $33,600 Total gain on sale = net selling price – adjusted basis Net selling price = sales price – cost of sale= $850,000 - 65,000 = $785,000 Adjusted basis = cost - accumulated depreciatio n= $550,000 - 120,000 = $430,000 Total gain = $785,000 - 430,000 = $355,000. long-term capital gains tax = capital gains tax rate x (total gain - recaptured depreciation) = 0.20 x (355,000 – 120,000) = 0.20 x 235,000 = $47,000 Total taxes payable = tax on recaptured depreciation + tax on long-term capital gains = $33,600 + $47,000 = $80,600 ERAT = net selling price – mortgage balance – taxes = 785,000 - 320,000 - 80,600 = $384,400 2.Suppose you are evaluating an investment opportunity in an office building for which you have estimated the following financial characteristics: §
First year net operating income (NOI) = $75,000. §
Growth rate in net operating income = 5 percent per year. §
Tax depreciation = $10,000 per year. §
Annual interest expense = $9,000. §
Annual total debt service expense = $12,000. §
Equity investors marginal income tax rate = 36 percent. §
Investment horizon = four years. The cash flows after taxes for years one and four are closest to: A) CFAT1 = $51,480 and CFAT4 = $50,766. B) CFAT1 = $42,840 and CFAT4 = $50,406. C) CFAT1 = $40,600 and CFAT4 = $47,693. D) CFAT = $42,840 and CFAT4 = $47,760. The correct answer was B) Taxes Payable Computation: |
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| Year-1 | Year-2 | Year-3 | Year-4 | NOI (g = 5%) | $75,000 | $78,750 | $82,688 | $86,822 | Less depreciation | (10,000) | (10,000) | (10,000) | (10,000) | Less interest | (9,000) | (9,000) | (9,000) | (9,000) | Taxable income | $56,000
| $59,750 | $63,688 | $67,822 | times tax rate | €0.36 | 0.36 | 0.36 | 0.36 | Income taxes payable | $20,160 | $21,510 | $22,928 | $24,416 |
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| CFATt Computation: |
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| Year-1 | Year-2 | Year-3 | Year-3 | NOI (g = 5%) | $75,000 | $78,750 | $82,688 | $86,822 | Less debt service | (12,000) | (12,000) | (12,000) | (12,000) | Before tax cash flow | $63,000 | $66,750 | $70,688 | $74,822 | Less taxes payable | (20,160)
| (21,510) | (22,928) | (24,416) | CFAT | $42,840 | $45,240 | $47,760 | $50,406 |
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发表于 2008-5-21 11:35
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