NO.PZ2025021204000005
问题如下:
Two similar properties are available to you as an investor at prices of AUD2,000,000 each. You expect both to generate the same NOI. The only significant difference between the two properties is that the value of the first property includes land value of AUD600,000 while the second property’s land value is AUD800,000. Which of the following statements is most accurate regarding the difference between the after-tax cash flows of the two properties?选项:
A.The first property has higher after-tax cash flow compared to the second property B.The first property has lower after-tax cash flow compared to the second property C.The two properties have the same after-tax cash flow解释:
The first property will have a higher after-tax cash flow than the second property because its taxes will be lower because of a higher depreciable base resulting from its lower land value. The first property will have annual depreciation expense based on its AUD1.4 million property value, while the second property will have annual depreciation expense based on its AUD1.2 million property value. The only difference in the two properties is the depreciation expense.
Pre-tax cash flow = Net operating income – Debt service.
After-tax cash flow = Pre-tax cash flow – Taxes.
Taxes = t × (NOI – Interest expense – Depreciation expense).
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