问题如下图：
选项：
A. 
B. 
C. 
解释：
请问从哪里可以看出equity 的 standard deviation 比bonds要低呢？另外就是除了税收金额因素外，这个方差低难道就能说明要把equity放在taxable account吗
Shimin_CPA税法主讲、CFA教研 · 2019年11月02日
the standard deviation (volatility) of after-tax returns is lower when equities are held in a taxable account。这里的 standard devition is lower 是相对于放在TDA账户而言的。这里涉及个人IPS中TDA账户与taxable账户对比。
在taxable账户中， 投资获得的return会被征税。 所以
，
。因为交税，所以政府分走了一部分风险，所以volatility降低。
但是TDA账户，是从这个账户中撤走资金时被征税。也就是说，取多少钱出来，就对取出部分征税。所以留在账户中的钱，投资收益不会受到税的影响，所以volatity不变。
因此，equity放在taxable账户， standard devition is lower 。
Shimin_CPA税法主讲、CFA教研 · 2019年10月25日
将equity放在taxable account，不是因为它的标准差比bond低，而是因为它被征得税率比bond低。
在taxable account，投资获得的return会被征税。所以，投资债券，interest income 会被征税，投资股票，dividend和capital gain会被征税。 正文中说，Dividend income and long-term capital gains are taxed at lower tax rates relative to interest and earned income. 所以投资投资股票征的税少，那么把这样的投资品种放在taxable account更好。
NO.PZ201805280100000104问题如下4. Given Koval’s current portfolio anthe tlaws of the country in whihe lives, Koval’s portfolio woulmore tefficient if he reallocatehis taxable account to holmore:A.high- yielbon.B.investment- gra bon.C.mestic equities focuseon long- term capitgain opportunities. C is correct. a generrule, the portion of a taxable asset owner’s assets thare eligible for lower trates anferrecapitgains ttreatment shoulfirst allocateto the investor’s taxable accounts. Assets thgenerate returns mainly from interest income tento less tefficient anin Koval’s country are taxeprogressively higher rates. Also, the stanrviation (volatility) of after- treturns is lower when equities are helin a taxable account. Therefore, Koval’s taxable account woulbecome more tefficient if it helmore mestic equities focuseon long- term capitgain opportunities.考点taxable investor解析为了达到more tefficient的目的，应该投资更多税率低的资产类型。 当前的投资产品有high-yielbon, investment-gra bon, anmestic equities，前两者作为债券获得的是interest income, 而mestic equities主要获得是capitgains。由于这个国家 interest trate高于long-term capitgains tax，所以应该更多的投资mestic equities。 我选择了A，更多HY Bon是从tharvesting角度出发去考虑的，但错了。请问这种题是不是只要没有明确说要harvesting就按照正常去分析，taxable账户多配置税率低的资产？
NO.PZ201805280100000104问题如下4. Given Koval’s current portfolio anthe tlaws of the country in whihe lives, Koval’s portfolio woulmore tefficient if he reallocatehis taxable account to holmore:A.high- yielbon.B.investment- gra bon.C.mestic equities focuseon long- term capitgain opportunities. C is correct. a generrule, the portion of a taxable asset owner’s assets thare eligible for lower trates anferrecapitgains ttreatment shoulfirst allocateto the investor’s taxable accounts. Assets thgenerate returns mainly from interest income tento less tefficient anin Koval’s country are taxeprogressively higher rates. Also, the stanrviation (volatility) of after- treturns is lower when equities are helin a taxable account. Therefore, Koval’s taxable account woulbecome more tefficient if it helmore mestic equities focuseon long- term capitgain opportunities.考点taxable investor解析为了达到more tefficient的目的，应该投资更多税率低的资产类型。 当前的投资产品有high-yielbon, investment-gra bon, anmestic equities，前两者作为债券获得的是interest income, 而mestic equities主要获得是capitgains。由于这个国家 interest trate高于long-term capitgains tax，所以应该更多的投资mestic equities。 老师 债券的收益率不是负的吗 不能抵税吗
NO.PZ201805280100000104 问题如下 4. Given Koval’s current portfolio anthe tlaws of the country in whihe lives, Koval’s portfolio woulmore tefficient if he reallocatehis taxable account to holmore: A.high- yielbon. B.investment- gra bon. C.mestic equities focuseon long- term capitgain opportunities. C is correct. a generrule, the portion of a taxable asset owner’s assets thare eligible for lower trates anferrecapitgains ttreatment shoulfirst allocateto the investor’s taxable accounts. Assets thgenerate returns mainly from interest income tento less tefficient anin Koval’s country are taxeprogressively higher rates. Also, the stanrviation (volatility) of after- treturns is lower when equities are helin a taxable account. Therefore, Koval’s taxable account woulbecome more tefficient if it helmore mestic equities focuseon long- term capitgain opportunities.考点taxable investor解析为了达到more tefficient的目的，应该投资更多税率低的资产类型。 当前的投资产品有high-yielbon, investment-gra bon, anmestic equities，前两者作为债券获得的是interest income, 而mestic equities主要获得是capitgains。由于这个国家 interest trate高于long-term capitgains tax，所以应该更多的投资mestic equities。 如题
