PV of issue cost in APV- Okan Co sept/dec 2019

As in most Paper AFM questions (especially the question 1's) a lot depends on the assumptions made (just as it would in real life). If (as in this question) it is not made clear as to whether the issue costs are tax allowable or not, then provided you state your assumptions (as is required in the question) then you will still get the mark whatever you assumed. (There is rarely just one correct answer - it depends on the assumptions :-) )