Compared to the before-tax cash flow, the after-tax cash flow considers tax liability, which of the following is false about BTCF?

A. Depreciation, interest expense and amortized financing costs are tax deductable

B. Upfront financing cost is fully tax deductible in the first year

C. TO calculate ATCF, debt service is substracted from the net operating income

D. Capital expenditure is added back to the net operating income to calculate the taxable income