答案和详解如下： 4.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 percent 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 percent. §
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 = $33,240 and CFAT3 = $37,176. C) CFAT2 = $35,160 and CFAT3 = $37,176. D) CFAT2 = $31,600 and CFAT3 = $39,293. The correct answer was C) Taxes Payable Computation: |
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| 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 |
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| CFATt Computation: |
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| 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 |
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发表于 2008-5-21 11:45
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