Final answer:
In capital budgeting, investment tax credits are not included in investment numbers as they are not a direct cash outflow, unlike direct costs such as purchase price, trade-in value, reduction in labor costs, and installation costs.
Step-by-step explanation:
In capital budgeting, investment numbers should include all direct costs and benefits related to the acquisition of a capital asset. Among the options provided, the one that would not typically be included in the capital budget's investment numbers is D) Investment tax credit from acquisitions. This is because an investment tax credit is a form of government incentive that reduces the company's tax liability rather than a direct cash outflow related to the purchase or operation of the asset.
The purchase price of an asset, the trade-in value of an asset being replaced, the reduction in labor costs due to a more efficient new asset, and the installation cost of machinery are all examples of direct cash flows associated with the investment and should be included in the calculation of the capital budget.