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Makonis DEc-13

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AFM Exams › Makonis DEc-13

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
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  • November 12, 2015 at 1:39 pm #281959
    dragon76
    Member
    • Topics: 50
    • Replies: 77
    • ☆☆

    Dear John,
    In this question, why calculate the FCFE, the answer ignore the impact of taxation, they do not minus 20% tax from the cash flow, pls. explain

    November 13, 2015 at 6:46 am #282080
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51532
    • ☆☆☆☆☆

    The existing free cash flows must already be after tax.

    With regard to the synergy, the answer assumes that the cash benefit is the net cash benefit (i.e. after any tax), which is sensible.

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