Without seeing your data and fully understanding what you are comparing,
I think this may meet your needs:

=IF(AND(B36<$D$23,E36<D36),(1/C36*D36),"No Dep. This yr")

as your formula looks first at B36<D23 and if true then looks at
E36<D36. If true then do the math. Therefore if either are false, "No
Dep...." should be returned.

Is this what you are trying to accomplish?

Alternately, you could simply add a second 'value_if_false' parameter,
as such:

=IF(B36<$D$23,IF(E36<D36,(1/C36*D36),"No Dep. This yr"),"No Dep. This
yr")

as you have two IF statements, you need two 'value_if_false' values,
else the default "FALSE" is returned.

Bruce


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swatsp0p


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