Before revision:  The importance of including a model of taxation has first been observed by Moenig and Bauer while considering the Black-Scholes model to describe the underlying security.
After revision:  The importance of including a model of taxation has first been observed by Moenig and Bauer (2016) while considering a GMWB Variable Annuity. In particular, they consider the simple Black-Scholes model to describe the underlying security.