Which of the Following Is NOT a Component of the Expected

Which of the following is NOT a component of the expected annual after-tax cash flows?

A) The additional depreciation expense that results from the capital cost of the investment.
B) The additional taxes paid that result from the capital budgeting decision.
C) The incremental increase in after-tax operating income of the project.
D) The incremental tax savings that result from the initial investment outlay.