A reconstructed operating statement for an owner-operated property should include which of the following?

A reconstructed operating statement for an owner-operated property should include management charges because this expense reflects the cost of managing the property, whether it is internally managed by the owner or externally by a property management company. Including management charges provides a more accurate picture of the property's operational profitability and helps in evaluating its overall performance.

By incorporating management charges, the statement aids in understanding the true economic return on the property by recognizing the resources spent on management, which can have a significant impact on net operating income. This is particularly important for an owner-operated property, where the management aspect is crucial to ensure the effectiveness and efficiency of operations.

The other choices do not align with standard practices for reconstructing operating statements in this context. Income tax is typically not included as it represents the personal tax obligations of the owner rather than an operational expense. Book depreciation, while recorded in financial statements for accounting purposes, does not reflect actual cash flow and is thus not generally relevant for operational analysis. Wages earned outside the property refer to income unrelated to the property's operation and therefore should not be included in an operating statement for the property itself.