taxes are often owed on\n○ initial investments.\n○ the current value of investments.\n○ the real value of…

Brief Explanations:

Taxes are typically levied on the gains made from investments, which are the investment returns. Initial investments are the money put in at the start and not taxed then. The current value or real - value of investments don't incur tax until there is a realized gain (return).

Answer:

investment returns.