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一只可爱的猪 · 2022年07月19日

这个题目为什么不是deferral?

oèmie Açor works for an international bank as a private wealth adviser. Açor speaks several regional languages in addition to her native language. She prepares for two client meetings next week. First, Açor will meet with Winifred Njau, who has recently retired. Njau has made a charitable pledge to a non-profit university endowment, the Udhamini Fund. Açor prepares a draft of the investment objectives section of an investment policy statement (IPS) for Njau using selected client information, which is presented in Exhibit 1.

Açor’s notes from her previous meeting with Njau indicate the following behavioral considerations related to Njau’s retirement planning:

Njau would like to increase her level of spending if supported by investment projections.

Although Njau could pay a lump sum and receive a series of fixed payments, she prefers not to lose control over her assets.

Njau understands the risk–return relationship and is willing to accept some short-term losses to achieve long-term growth.

Next, Açor reviews a recent risk tolerance questionnaire completed by Njau, which relates to overall portfolio risk. Açor focuses on the type of capital sufficiency analysis to perform for Njau. To determine the optimal allocation, Açor seeks to ensure that Njau’s charitable pledge can be met and implements a goal-based investing approach. Açor runs a Monte Carlo simulation to determine the probability of success, which is the likelihood that Njau can meet her charitable pledge objective. The simulation results are presented in Exhibit 2.One week after this meeting, the bank sends a client satisfaction survey to Njau. In response to questions about Açor’s soft skills and technical skills, Njau responds with the following comments:

Comment 1 Açor constructed a portfolio that is appropriate for my unique situation.

Comment 2 Açor spoke to me in my own regional language throughout the meeting.

Comment 3 Açor educated me about how my investments perform and affect my portfolio.

Açor’s second meeting will be with Thanh Bañuq. Bañuq is Njau’s nephew and serves on the board of directors of Udhamini. Açor obtained the essential facts about Bañuq when she opened his account, including his risk and return objectives and the origin of his wealth. In preparation for the meeting, Açor considers the high level of taxes that Bañuq pays. Açor will recommend changing the asset location of highdividend-paying equities that Bañuq owns from a taxable account to a retirement account with tax-free earnings and withdrawals.

During their meeting, Açor and Bañuq discuss charitable pledges that Udhamini has recently received and the likelihood that Njau will meet her charitable pledge. Bañuq then asks Açor the following question:

“How might my investment objectives and constraints differ from those of a typical university endowment, such as Udhamini?

The day after Açor’s meeting with Bañuq, Açor realizes that her actions in the meeting may have raised an ethical concern.



Açor’s recommendation regarding asset location in Bañuq’s portfolio is most likely an example of tax:

A deferral.

B reduction.

C avoidance.

为什么选C不选A?




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王暄_品职助教 · 2022年07月28日

老师,除非前后税率不一样,不然取出的时候收税,和tabable账户的交税,难道不是一样的吗?只是一个先后的问题吧?

本质不一样,一个是针对投资收益,一个是取出的税

而且税率在通常情况下,都不一样。

王暄_品职助教 · 2022年07月28日

老师,retirement账户是TDA把? TDA账户并不是完全没有任何税收了吧?针对全额征税,只能说是defer吧?

TDA免征所有的投资税收,取出时收的是withdrawal tax,所以对于投资税确实reduction了

王暄_品职助教 · 2022年07月20日

因为我们确实不用缴投资相关的任何税收了(所以针对投资这部分的税收我们确实规避了)。交的只是最后取出时的一个withdraw tax。

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