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程冠林 · 2025年01月20日

问解题思路?

NO.PZ2023032703000013

问题如下:

Danny Moynahan, CFA, is a fixed-income portfolio manager at Reagan Investment Advisory (Reagan). He agrees with his wife, a professor of investments class, to talk to her class about managing fixed-income portfolios. He plans to put together six pages for his discussion.

On page 6, the final page of his presentation, Moynahan plans to discuss the tax implications of fixed-income investing. He wants the class to understand that the management of taxable portfolios is more complicated than that of tax-exempt portfolios. He outlines the following key considerations for managing taxable fixed-income portfolios:

AMinimize interest income relative to capital gains.

BMinimize capital gains relative to capital losses.

CForego attractive trading opportunity because of tax implications.

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:

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.

这道题的解题是不是,可以少盈利以避税,但底线是不能有loss。这么理解对吗?

1 个答案

发亮_品职助教 · 2025年01月21日

是这个意思。


应该是在有capital gain的基础上,然后再考虑合理减税/避税的问题。


而不是为了避税直接minimize capital gain。minimize capital gain不但税没了,收益的根基都没了。

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