Which of the following statements about Net Capital Expenditure (CapEx) is NOT correct?

a.

CapEx can be calculated as the change in the Gross Fixed Assets over the year.

b.

CapEx can be calculated as the change in Net Fixed Assets plus the Depreciation expense for the year.

c.

The disposal of a Fixed Asset at a price that is lower than its book value results in a taxable gain on sale.

d.

A decrease in CapEx will increase Cash Flow From Assets this year.

e.

Negative CapEx represents a net sale of Fixed Assets