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The cash flows are as follows: Year 0 Year 1 Year 2 Year 3 Initial Investment (160,000) Depreciation 48,000 64,000 48,000 Depreciation Tax Shield (Depr. * .40) 19,200 25,600 19,200 Cash from disposition (after tax) 6,000 Operating cash flows 85,000 85,000 85,000 Tax on operating cash flow at 40% (34,000) (34,000) (34,000) Net Cash Flow 70,200 76,600 76,200 Discount factor: 16% .862 .743 .641 Discounted Cash Flow (160,000) 60,512 56,914 48,844 The net present value is $(160,000) + $60,512 + $56,914 + $48,844 = $6,270
An answer of $5,842 results from subtracting the resale value of the equipment from the purchase cost to calculate the depreciable base for tax purposes. For tax purposes, 100% of an asset's cost is always depreciated.
An answer of $30,910 results from including only the initial investment and the gross operating cash flows in the calculation of the net present value.
An answer of $8,834 results from not calculating income tax due on the disposition of the equipment at the end of 3 years. However, there will be a gain on the sale, since 100% of the asset's cost will have been depreciated for tax purposes by the end of the third year.