Valuation issues

Bad5shah

1. As I understand it, the "income tax expense" is calculated based on the taxable income reported to the IRS and not to the investors and is effected by various factors like tax credits etc. In addition, the company can defer taxes to future periods. Is the remaining "income tax expense" on the income statement the effective cash flow (the taxes paid)? If so, it appears this is the only cash flow item on this report.
2. FCFF/FCFE
a. What are the positive cash flows from depreciation ? why is it called an effective cash flow ?
b. FCFF=NOI(1-t) – reinvestment needs (where reinvestment needs equals (NET CAPEX-depreciation)-change in noncash working capital). But where is the adjustment to NOI for the transfer from the accrual method to the cash flow method?

Thanks in advance !

Guy