Which of the following statements describes implicit taxes?

The increased after$-$tax return that a tax$-$favored asset produces because of its tax$-$advantaged status

The reduced before$-$tax return that a tax$-$favored asset produces because of its tax$-$advantaged status

The increased before$-$tax return that a tax$-$favored asset produces because of its tax$-$advantaged status

The reduced after$-$tax return that a tax$-$favored asset produces because of its tax$-$advantaged status