Earlier in this book tax was mentioned and its effect on sinking funds was discussed. Calculations were made and it was shown how simple adjustments could be made to allow for the payment of income tax on sinking fund allotments. The question whether yields should be considered gross of tax or net of tax was also examined, and it was pointed out that as yields on most other investments were normally considered on a gross basis and different taxpayers had different tax liabilities it was convenient to consider yields from property on a gross basis. Because of the multiplicity of tax liabilities, no single adjustment for tax would be appropriate to all potential investors and, indeed, an adjustment at the standard rate might, in reality, be applicable to no one.