The tax impact of a capital investment project (such as the replacement of a major piece of machinery) is present during:

a. Only the project initiation stage and the operation stage.

b. All stages (initiation, operation, and final disposal) of the project.

c.The project disposal stage only.

d. The project initiation stage (i.e., time period 0) and final disposal stage only.

E. The project operation stage only.