All of the Following Are True About the "Property Before-Tax

All of the following are true about the "property before-tax (PBT) shortcut", except*:

A) The PBT shortcut is useful not only because it simplifies the investment analysis but because it avoids the necessity of estimating after-tax parameters that may be difficult to observe without error.
B) The shortcut is made possible by the existence of a reasonably well functioning market for the type of investment asset in question.
C) The shortcut works for estimating market value always, and for estimating investment value for investors who are typical of the marginal investors in the relevant asset market.
D) At the PBT level the investor's own subjective opportunity cost of capital can be used as the discount rate in order to estimate that investor's "investment value" (IV) for the property.