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Jonathan Goolsby, a performance-reporting analyst at Handley Asset Management (HAM), is preparing after-tax returns for inclusion in a performance presentation and needs to determine the most appropriate method to incorporate the effects of taxes on returns. HAM employs tax-aware portfolio management strategies. If Goolsby uses the mark-to-liquidation method when computing after-tax returns, the most likely effect is that returns will be: A. understated. B. overstated. C. correctly stated. |