Question:A company makes an accounting profit of $50m after including book depreciation of $5m and non-taxable income of $4m. Tax allowable depreciation is $2m.
  If the tax rate is 30%, what is the tax payable?
  A. $14.7m
  B. $16.5m
  C. $14.1m
  D. $15.3m
  The correct answer is: $14.7m.
  Taxable profit is $49m ($50m + $5m - $2m - $4m).
  $49m x 30% = $14.7m