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International appraisal question 2 on NPV technical article, the TAD was added back because it wasn’t a cash flow.
APV answer to June 2014 question, it wasn’t added back.
APV answer to Mar June 2018 question, it wasn’t added back.
Please explain as I’m at my wits-end with it. I looked carefully all over the question and didn’t get a clue as to where the examiner stated that an amount needed to keep the level of activities equal to the TAD would be needed or something of that nature.
In both questions, the TAD has been deducted in order to calculate the tax. However it is not deducted in the cash flow calculations and therefore there is nothing to add back.
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