The specific Income Account to select for the Branded Merchandise - Taxable item would depend on the specific accounting system being used and the account structure set up within that system. Typically, this account would be an account designated for sales revenue or income from merchandise sales. The account may be categorized further by product type, sales location, or other factors, depending on the level of detail required for reporting and analysis. It is recommended to consult with an accountant or financial professional for guidance on setting up and selecting appropriate income accounts.