You are correct.
We subtract the depreciation to compute the EBT because the tax is applied to the EBT. Once we have correctly computed the tax we need to sum it up because depreciation is not a cashflow (money does not change hands)
We subtract the depreciation to compute the EBT because the tax is applied to the EBT. Once we have correctly computed the tax we need to sum it up because depreciation is not a cashflow (money does not change hands)