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ABBYYYYYYY · 2020年06月21日

问一道题：NO.PZ2018101501000021 [ CFA II ]

  1. CFA II
  2. Corporate Issuers

问题如下：

Company M is investing an equipment of $1 million, which may enable the company to earn a 12% internal rate of return. The equipment will generate operating income after taxes of $150,000 and depreciation of $95,000 annually for the coming four years. The equipment will be sold at the end of the fourth year. The company is in the 25% tax bracket. What`s the terminal selling price?

选项：

A.

$483,273

B.

$452,325

C.

$330,112

解释：

C is correct.

考点：Cash Flow Projections: Replacement Project

解析：CF = (S – C – D)(1 – T) + D = EBIT*(1-T) + D = 150,000+95,000 = $245,000

账面价值BV4 = 1,000,000 – 95000*4 = $620,000

TNOCF = Sal4 +NWCInv−T(Sal4 – B4 ) = Sal4 - 0.25*( Sal4-620,000)

NPV = -1,000,000 +∑t=14245,0001.12t\sum_{t=1}^4\frac{245,000}{1.12^t}  +Sal4-0.25×(Sal4-620,000)1.124\frac{{\text{Sal}}_4\text{-}0.25\times{({\text{Sal}}_4\text{-}620,000)}}{1.12^4}  = 0

计算求得Sal4 =$330,112

实务中卖出资产收的是capital gain tax,就算公允价格小于账面价值也不会出现负数税的情况，最好的情况就是Capital gain tax=0, 这题目是不是有点脱离实际情况
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1 个答案

王琛_品职助教 · 2020年06月22日

同学你好, 

没问题哈, 期末售价大于或小于账面价值都是很正常的情况，当你要售卖的设备已经过时了，即便账面没有折完，它也可能卖不出去或以极低的价格（破铜烂铁）卖出去.

如果售价低于账面价值，就是亏损可以抵税.

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