NO.PZ2018120301000006
问题如下：
Margit asks Cécile to analyze liability-based mandates for a meeting with Villash Foundation. Villash Foundation is a tax-exempt client.
Two years later, Margit learns that Villash Foundation needs $5 million in cash to meet liabilities. She asks Cécile to analyze two bonds for possible liquidation. Selected data on the two bonds are presented in Exhibit 2.
Based on Exhibit 2, the optimal strategy to meet Villash Foundation’s cash needs is the sale of:
选项：
A.
100% of Bond 1.
B.
100% of Bond 2.
C.
50% of Bond 1 and 50% of Bond 2.
解释：
Correct Answer: A
A is correct. The optimal strategy for Villash is the sale of 100% of Bond 1, which Cécile considers to be overvalued. Because Villash is a tax-exempt foundation, tax considerations are not relevant and Cécile’s investment views drive her trading recommendations.
income tax rate是不是coupon要交的税？在TEA账户里需不需要交？
另外如果不是免税账户，需不需要考虑income tax与capital gain tax的trade off？毕竟税率是有差别的？