NO.PZ2018120301000009
问题如下：
Celia
realizes that the fund’s return may decrease if the equity allocation of the
fund is reduced. Celia decides to liquidate $20 million of US Treasuries
that are currently owned and to invest the proceeds in the US corporate bond
sector. To fulfill this strategy, Celia asks Dan, a newly hired analyst for the
fund, to recommend specific Treasuries to sell and corporate bonds to purchase.
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. Dan
responds with two statements.
Are Dan’s statements to Celia that
support Dan’s choice of bonds to sell correct?
选项：
A.Only Statement 1 is correct.
Only Statement 2 is correct.
C.Neither Statement 1 nor Statement 2 is correct.
解释：
Correct Answer: C
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.
Statement 1 Taxable investors should prioritize selling overvalued bonds and always sell them before selling bonds that are viewed as fairly valued or undervalued.
一个bond undervalue的话，就是说他的interest 相对较大，而overvalued的话interest 相对少，是不是应该考虑利息税比资本利得税更高，卖掉利息高的更符合节税的原则？