Over the summer, this author's topic was the subject of much debate.  Some of the journal's editorial board members and former contributors joined other members of the Association for Investment Management and Research (AIMR) on a special panel charged with developing recommendations to the United States Securities and Exchange Commisssion, as it considered a proposed after-tax return rule for mutual funds.  The following article is the product of the author's research as well as his consultations with these advisors.