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CFA KING · 2023年05月15日

解释一下这个问题谢谢!

NO.PZ2023041004000011

问题如下:

The following list provides three common benefits to investors in our funds, and Exhibit 1 describes the characteristics of the four funds currently raising capital.”

Benefit 1: Stable income from investments not correlated to equity markets

Benefit 2: Reduction of reportable taxable income due to depreciation tax credits

Benefit 3: Geographical diversification of real estate property investments


Which of the funds listed in Exhibit 1 would most likely enable investors to meet all three of the benefits?

选项:

A.Timbrian Equity Partners B.Multifam Equity Partners C.Golden Age Equity Partners

解释:

An investor in Golden Age Equity Partners would most likely enjoy all three benefits. All three (Timbrian Equity, Multifam Equity, and Golden Age Equity) are diver­sified geographically, and their returns should not be highly correlated with the equity markets. Both Golden Age and Timbrian would generate income—Golden Age from resident fees and Timbrian from the periodic sale of timber. Because trees grow over time and become increasingly valuable (owing to the longer growing cycle before the product is sellable), depreciation would not be a reason to invest. Multifam Equity inves­tors would hope primarily to realize period capital gains from periodic sales expected to occur within 14–24 months of each project initiation. Depreciation is not a primary goal for Multifam Equity but is not impossible if properties do not sell. Only investors in Golden Age, which intentionally owns properties subject to depreciation, could typically pass those tax benefits on to investors and would explicitly seek all three benefits.

REITs的disadvantage不就有reduce portfolio diversification benefits,这不就是容易受到股市的影响?

1 个答案

Lucky_品职助教 · 2023年05月16日

嗨,努力学习的PZer你好:


REITs的disadvantage有reduce portfolio diversification benefits,主要是说REITs有点股票的性质,因此在宏观上降低资产组合分散性。但REITs底层是房地产,房地产投资通过租金产生稳定的收入,所以并不是很受股市的影响

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

Katherine · 2024年04月18日

建议优化一下另类投资的讲解,强化明确说了REITs的disadvantage有reduce portfolio diversification benefits,做题的时候误导性太大了,做一个错一个!!!单纯这个科目,感觉讲的课跟实际考的题完全不适用。

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相关问题

NO.PZ2023041004000011 问题如下 The following list provis three common benefits to investors in our fun, anExhibit 1 scribes the characteristiof the four fun currently raising capital.”Benefit 1: Stable income from investments not correlateto equity marketsBenefit 2: Rection of reportable taxable income e to preciation tcretsBenefit 3: Geographicversification of reestate property investmentsWhiof the fun listein Exhibit 1 woulmost likely enable investors to meet all three of the benefits? A.TimbriEquity Partners B.MultifEquity Partners C.Goln Age Equity Partners investor in Goln Age Equity Partners woulmost likely enjoy all three benefits. All three (TimbriEquity, MultifEquity, anGoln Age Equity) are ver­sifiegeographically, antheir returns shoulnot highly correlatewith the equity markets. Both Goln Age anTimbriwoulgenerate income—Goln Age from resint fees anTimbrifrom the perioc sale of timber. Because trees grow over time anbecome increasingly valuable (owing to the longer growing cycle before the prois sellable), preciation woulnot a reason to invest. MultifEquity inves­tors woulhope primarily to realize periocapitgains from perioc sales expecteto occur within 14–24 months of eaprojeinitiation. preciation is not a primary gofor MultifEquity but is not impossible if properties not sell. Only investors in Goln Age, whiintentionally owns properties subjeto preciation, coultypically pass those tbenefits on to investors anwoulexplicitly seek all three benefits. 请问MultifEquity Partners怎么不满足三个条件了?出售实体房屋才能做税收减免啊。使用REIT怎么就能做折旧税收减免了,不是只能避免重复征税吗?

2023-05-08 22:41 1 · 回答