QUESTION 73

Which of the following is least likely to be included in the tax constraint for an individual investor?

a. The federal withholding tax from the individual's employment income.

b. The tax liability from a taxable lump sum received as part of an employment contract.

c. Property taxes to be paid during the upcoming year from ownership of a beach house.

d. Capital gains taxes owed on the sale of a watch worn by Benjamin Franklin.