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金融民工阿聪 · 2022年08月18日

关于overvalued

NO.PZ2018120301000009

问题如下:

Celia realizes that the fund’s return may decrease if the equity allocation of the fund is reduced. Celia decides to liquidate $20 million of US Treasuries that are currently owned and to invest the proceeds in the US corporate bond sector. To fulfill this strategy, Celia asks Dan, a newly hired analyst for the fund, to recommend specific Treasuries to sell and corporate bonds to purchase.

Dan recommends Treasuries from the existing portfolio that he believes are over-valued and will generate capital gains. Celia asks Dan why he chose only overvalued bonds with capital gains and did not include any bonds with capital losses. Dan responds with two statements.

  • Statement 1 Taxable investors should prioritize selling overvalued bonds and always sell them before selling bonds that are viewed as fairly valued or undervalued.
  • Statement 2 Taxable investors should never intentionally realize capital losses.
Are Dan’s statements to Celia that support Dan’s choice of bonds to sell correct?

选项:

A.

Only Statement 1 is correct.


B.

Only Statement 2 is correct.

C.

Neither Statement 1 nor Statement 2 is correct.

解释:

Correct Answer: C

C is correct. Since the fund’s clients are taxable investors, there is value in harvesting tax losses. These losses can be used to offset capital gains within the fund that will otherwise be distributed to the clients and result in higher tax payments, which decreases the total value of the investment to clients. The fund has to consider the overall value of the investment to its clients, including taxes, which may result in the sale of bonds that are not viewed as overvalued. Tax-exempt investors’ decisions are driven by their investment views without regard to offsetting gains and losses for tax purposes.

虽然我理解,实现capital gain对应税客户不好,但是我赚了钱,投资的东西还overvalued了,这时候卖即使被征税也是赚钱的吧,然后亏的时候又可以卖出?照这个理念我账上全是亏得了。

怎么理解说就是不能卖出overvalued呢?

1 个答案
已采纳答案

pzqa015 · 2022年08月19日

嗨,从没放弃的小努力你好:


这里并不是单纯卖一只债,是指在卖掉一只有capital gain的债时候,如果还能再卖一只的话,要选择有capital loss的,这样两者综合后可以地税,而不是再选一只有capital gain的。

所以statement1说的是在卖出undervalued以及fair value的之前,先卖出overvalued,是不正确的,如果是免税投资者,这样卖没问题,如果是taxable 投资者,overvalued要在undervalue以及fair value后卖出。

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NO.PZ2018120301000009问题如下 Celiarealizes ththe funs return mcrease if the equity allocation of thefunis rece Celia cis to liquite $20 million of US Treasuriesthare currently owneanto invest the procee in the US corporate bonector. To fulfill this strategy, Celia asks n, a newly hireanalyst for thefun to recommenspecific Treasuries to sell ancorporate bon to purchase.nrecommen Treasuries from the existing portfolio thhe believes are over-valuenwill generate capitgains. Celia asks n why he chose only overvalueon with capitgains annot inclu any bon with capitlosses. nrespon with two statements.Statement 1 Taxable investors shoulprioritize selling overvaluebon analways sell them before selling bon thare viewefairly valueor unrvalueStatement 2 Taxable investors shoulnever intentionally realize capitlosses.Are n’s statements to Celia thatsupport n’s choiof bon to sell correct? A.Only Statement 1 is correct.B.Only Statement 2 is correct.C.Neither Statement 1 nor Statement 2 is correct. CorreAnswer: is correct. Sinthe funs clients are taxable investors, there is value in harvesting tlosses. These losses cuseto offset capitgains within the funthwill otherwise stributeto the clients anresult in higher tpayments, whicreases the totvalue of the investment to clients. The funhto consir the overall value of the investment to its clients, inclung taxes, whimresult in the sale of bon thare not vieweovervalue Tax-exempt investors’ cisions are iven their investment views without regarto offsetting gains anlosses for tpurposes. 这两个说法为什么不对,能帮忙下吗

2023-11-30 19:22 1 · 回答