Instead of working in fractions of the tank, express each pipe's contribution as a percentage of the tank filled or drained per hour. Pipe A fills \( \frac{100}{6}=\frac{50}{3}\% \) per hour, Pipe B fills \( \frac{100}{8}=\frac{25}{2}\% \) per hour, and Pipe C drains \( \frac{100}{12}=\frac{25}{3}\% \) per hour. Together, the net percentage filled per hour is \[ \frac{50}{3}+\frac{25}{2}-\frac{25}{3}=\frac{25}{3}+\frac{25}{2}=\frac{50+75}{6}=\frac{125}{6}\% \] per hour. Reaching 100% then takes \( 100 \div \frac{125}{6}=100\times\frac{6}{125}=4.8 \) hours, which is 4 hours 48 minutes. Test each option by multiplying this net percentage rate by the given time.
Measuring in percentage filled per hour confirms the tank reaches exactly 100% at 4 hours 48 minutes.
Therefore, the correct answer is 4 hours 48 minutes.