NO.PZ202401310100000505
问题如下：
The subject company’s management has provided guidance for the next fiscal year, which includes an effective tax rate that is substantially below its statutory tax rate, largely due to tax windfalls from share-based compensation. Using this effective tax rate for all future years in the model would likely:
选项：
A.
overstate income tax expense.
B.
overstate free cash flow to the firm.
C.
understate estimated enterprise value.
解释：
B is correct. A lower effective tax would increase free cash flow to the firm (After-tax EBIT + D&A – Capex +/- Change in working capital). Tax windfalls or excess tax benefits decrease the effective tax rate versus the statutory rate because they are deductible for tax purposes, but not expensed on the income statement.
解析里说 not expensed on I/S.但是tax windfalls 在美国准则下 会decrease in income tax expenses 呀。另外这道题如果说 overestimate firm value C选项对了吗
