Which of the following is incorrect:

The after tax cash flow of a non-cash expense in any period is E x T, where E equalsnon-cash expenseand T equals the tax rate.

The depreciation tax shield for a period is caclulated as D x T, where D = the amount of depreciation and T equals the tax rate.

The after tax cash flow from cash revenue in any period is R x (1-T), where R equals revenue and T equals the tax rate.

The tax savings from a Loss on Sale is equal to L x T, where L equals loss and T equals the tax rate.

The tax savings from an investment allowance is equal to I x T A, where I equals the amount of eligible capital expenditure, A the rate of investment allowance and T equals the tax rate.