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Ausilio · 2024年05月24日

关于题目的理解

  1. CFA III
  2. Fixed Income

* 问题详情，请 查看题干

NO.PZ202209060200004306

问题如下：

Which of the considerations outlined by Moynahan on page 6 of the presentation is least likely correct?

选项：

A.Consideration A B.Consideration B C.Consideration C

解释：

Solution

B is correct. When managing taxable fixed-income portfolios, Moynahan should not minimize capital gains relative to capital losses because capital losses are generally only used to offset capital gains.

A is incorrect. When managing taxable fixed-income portfolios, Moynahan would want to minimize interest income relative to capital gains because capital gains are typically taxed at a lower effective tax rate.

C is incorrect. When managing taxable fixed-income portfolios, Moynahan may want to dismiss attractive relative value trades due to tax implications.


老师好，针对这三个选项，我的理解是这样的：

  1. Minimize interest income relative to capital gains.——我知道国债利息是免个人所得税的，其他利息应该有个人所得税？然后资本利得要交个人所得税？我不是很清楚这两个税税率哪个比较大。
  2. Minimize capital gains relative to capital losses.——我觉得这个应该是对的吧？在有纳税义务的组合里面，capital loss可以抵税，因此相比于capital loss，最小化capital gain应该是对的？
  3. Forego attractive trading opportunity because of tax implications.——因为税收问题放弃一些有吸引力的交易，这个我读起来应该是对的。


所以我选了A，但是我也不确定利息收益和资本利得收益谁的税更高，麻烦老师解释一下谢谢。


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1 个答案

发亮_品职助教 · 2024年05月25日

嗨，从没放弃的小努力你好：


Minimize interest income relative to capital gains.——我知道国债利息是免个人所得税的，其他利息应该有个人所得税？然后资本利得要交个人所得税？我不是很清楚这两个税税率哪个比较大。


其他的利息Coupon是当正常收入交税（Ordinary income），和工资收入是一个税种；

资本利得要按照capital gain tax资本利得税交税。


至于税率谁大谁小这个不一定，要分国家看。但是一般情况下，越是稳定的收入，税率越高（国家要拿稳定税收）；收入越是不稳定，越是有风险的收入，税率会低一点，这个不是100%正确，但是记CFA这块的税是够用的。


因为Coupon更稳定，所以对应的税率更高；而Capital gain相对来说没那么稳定，所以税率相对更低。


Minimize capital gains relative to capital losses.——我觉得这个应该是对的吧？在有纳税义务的组合里面，capital loss可以抵税，因此相比于capital loss，最小化capital gain应该是对的？


这句话是错误的。有capital gain的情况下，capital loss才能抵税，如果都minimize capital gain了，这时候获得的capital loss没有太多的抵税价值，很多capital loss会被浪费掉无法抵税。


正确的应该是：在获得capital gain的基础上，然后再考虑是否能有一些capital loss抵税。

这个顺序不能反过来，不能先考虑抵税，再考虑是否有capital gain收入。


所以这句话就是凑选项的，正确的表述应该是在获得capital gain的基础上，然后适当的获得一些capital loss抵税，但capital loss的金额不能大于capital gain，否则会有一些capital loss起不到抵税的作用。Minimize capital gain肯定不行。


Forego attractive trading opportunity because of tax implications.——因为税收问题放弃一些有吸引力的交易，这个我读起来应该是对的。


这个也是一样的问题。就算有税，税的征收也不是100%，一般的税率就是25%~45%，税也只是拿走收入的一部分。

所以如果有attractive trading opportunity的话，可以积极参与赚取收益，就算征税也无所谓，税也只是拿其中的25%~45%，扣掉税之后还是有利的，扣税后还有55%~75%的净收入。


如果因为税的问题放弃attractive trading opportunity的话，那一点收入都没有了。所以不能因为有税而放弃attractive trading opportunity

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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