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there’s a question of tramont co (pilot paper 2012), when computing the taxation, they have used the taxable profit of 38470 in yr 3 and 94310 in yr 4. how did they get to these amounts. and if i calculate the tax on the operating cash flows, then how can i arrive at the tax savings using this question (tramont co) as an example
The working are shown in workings 5.
You cannot calculate the tax on the operating cash flows because there are losses in the first two years. The losses are carried forward and subtracted from the taxable profit in the third year.
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