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Jinn · 2025年04月14日

没听懂老师 求讲解

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).

没听懂老师 求讲解

1 个答案

pzqa35 · 2025年04月14日

嗨,爱思考的PZer你好:


After tax cash flow=before tax cash flow-tax

Tax=t*(NOI-interest expense-depreciation)

这两个物业的差别就是土地的价值不同,而土地是不折旧的,所以这里土地价值的差别就会影响到折旧费用。土地价值越低,折旧的资产价值越高,折旧费用越高,税就越低,After tax cash flow就越高。所以第一个物业的After tax cash flow更高。

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