NO.PZ201812020100000203
问题如下：
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：
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.
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. 这里Dan的做法是错的吧？
