How is after-tax cash flow from investments calculated?

• A. After-tax cash flow equals pretax cash flow minus depreciation.
• B. After-tax cash flow equals pretax cash flow minus taxes on dividends and interest only.
• C. After-tax cash flow equals pretax cash flow minus taxes on capital gains only.
• D. After-tax cash flow = pretax cash flow minus taxes on dividends, interest, and capital gains, considering tax brackets and tax-efficient accounts.

Answer: (D)