Final answer:
Beltran should exclude the value of his time as an implicit cost, as the tax code generally does not allow for the deduction of one's own time or services when calculating taxable income or business expenses.
Step-by-step explanation:
When an individual contributes their own time to a business venture, such as when operating their own business or volunteering, the value of this time is considered an implicit cost.
Unlike explicit costs which are actual financial expenditures, implicit costs represent the opportunity costs of using one's own resources, like time, for which you do not receive a direct payment.
In this context, the correct answer to whether Beltran may exclude, include, deduct, or discount the value of his time is that Beltran may exclude the value of his time because the tax code generally does not allow individuals to deduct the value of time or services when calculating taxable income or business expenses.
In this scenario, Beltran is contributing various property and his time, which is valued at $100 per hour. When it comes to accounting, the value of his time would be considered an implicit cost. Implicit costs are opportunity costs that do not involve a direct monetary payment. In this case, Beltran would include the value of his time in his contributions.