A taxpayer purchased stock of $x$ Corporation for $$1,000$ five years ago. This year, the

taxpayer sold the stock for $$5,000.$ The gain is taxed as a long$-$term capital gain. The

taxpayer's after$-$tax rate of return on this investment has benefited from which of the

following tax planning forces?

Deductibility

Deferral

Exclusion

Both deferral and exclusion

Both deferral and deductibility