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hmggh · 2023年08月03日

计算中体现出 municipal bond 的 return 是免税的，是默认的吗？题干中有提到吗？

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201805280100000302

问题如下：

A broker proposes to Young three portfolios, shown in Exhibit 1. The broker also provides Young with asset class estimated returns and portfolio standard deviations in Exhibit 2 and Exhibit 3, respectively. The broker notes that there is a $500,000 minimum investment requirement for alternative assets. Finally, because the funds in the money market account are readily investible, the broker suggests using that account only for this initial investment round.


Young wants to earn at least 6.0% after tax per year, without taking on additional incremental risk. Young’s capital gains and overall tax rate is 25%.

Determine which proposed portfolio most closely meets Young’s desired objectives. (Circle one.) Justify your response.


解释：



计算中体现出 municipal bond 的 return 是免税的，是默认的吗？题干中有提到吗？

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lynn_品职助教 · 2023年08月04日

嗨，爱思考的PZer你好：


题干中没有，我当时做的时候就觉得很不合理，后来去找原版书，找到一句话，我觉得这属于“美国常识”，正式考题中会考虑到不同考生的背景，不会出现这种情况的哈，都会讲清楚是否免税。


原版书中（V4个人IPS page273）有一句话提到：

In the United States, income from state and local government bonds (municipal bonds) is often exempt from both federal and state income taxes; unless special provisions exist, interest is taxed at the ordinary income tax rate.

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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！

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