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正确答案：

(b) The estimates are based upon unrealistic assumptions and are subject to a considerable margin of error. Possible limitations
include:
(i) Sales, operating costs, replacement investments, and dividends are unlikely to increase by the same amount.
(ii) Forecasts of future growth rates may not be accurate. Paxis is unlikely to have access to enough internal information
about the activities of Wragger to make accurate projections.
(iii) The expected reduction in operating costs might not be achieved.
(iv) The estimates are based upon present values to infinity of expected free cash flows. A shorter time horizon might be
more realistic.
(v) The cost of capital for the combined company could differ from that estimated, depending how the market evaluates the
risk of the combined entity.
(vi) The analysis is based upon the assumption that the initial offer price is accepted.
(vii) There is no information about the fees and other costs associated with the proposed acquisition. In many cases these
are substantial, and must be included in the analysis.
(viii) The post acquisition integration of organisations often involves unforeseen costs which would reduce the benefit of any
potential synergy.

正确答案：
(b) (i) Contrasting roles
Joint professional and organisational roles are common to most professionals (medical professionals, for example).
Although the roles are rarely in conflict, in most cases it is assumed that any professional’s primary duty is to the public
interest rather than the organisation.
Organisational role
As a member of the staff of Fillmore Pierce, Anne is a part of the hierarchy of an organisation and answerable to her
seniors. This means that under normal circumstances, she should comply with the requirements of her seniors. As an
employee, Anne is ultimately accountable to the principals of the organisation (the partners in an audit firm or the
shareholders in a company), and, she is subject to the cultural norms and reasonable expectations of work-group
membership. It is expected that her behaviour at work will conform. to the social and cultural norms of the organisation
and that she will be efficient and hard working in her job.
Professional role
As an accountant, Anne is obliged to maintain the high professional and ethical standards of her profession. If her
profession is underpinned by an ethical or professional code, she will need to comply with that in full. She needs to
manage herself and co-ordinate her activities so as to meet professional standards. In this, she needs to ensure that she
informs herself in current developments in her field and undertakes continuing professional development as required by
her professional accounting body. She is and will remain accountable to her professional body in terms of continued
registration and professional behaviour. In many cases, this accountability will be more important than an accountability
to a given employer as it is the membership of the professional body that validates Anne’s professional skills.

正确答案：
(b) (i) UK tax on the rental income
Coral is UK resident in 2007/08 because she is present in the UK for more than 182 days. Accordingly, she will be
subject to UK income tax on her Kalanian rental income.
Coral is ordinarily resident in the UK in 2007/08 as she is habitually resident in the UK.
Coral will have acquired a domicile of origin in Kalania from her father. She has not acquired a domicile of choice in the
UK as she has not severed her ties with Kalania and does not intend to make her permanent home in the UK.
Accordingly, the rental income will be taxed in the UK on the remittance basis.
Any rental income remitted to the UK will fall into the basic rate band and will be subject to income tax at 22% on the
gross amount (before deduction of Kalanian tax). Unilateral double tax relief will be available in respect of the 8% tax
suffered in Kalania such that the effective rate of tax suffered by Coral in the UK on the grossed up amount of income
remitted will be 14%.
In order to minimise the total income tax suffered on the rental income Coral should ensure that it is not brought into or
used in the UK such that it will not be subject to income tax in the UK.
Coral should retain evidence, for example bank statements, to show that the rental income has not been removed from
Kalania. Coral can use the money whilst she is on holiday in Kalania with no UK tax implications.