NO.PZ2018091705000025
问题如下:
Allen is an investment manager, who recently recruited a new customer, Polly. Polly invested $100,000 in an asset for 20 years that promises to offer an annual return of 8%. 40% of these capital gains are recognized each year and 60% are deffered. The tax rate for capital gains is 15%. Calculate the post-tax value of the investment after 20 years later.
选项:
A. $421,581
B. $395,120
C. $408,903
解释:
B is correct.
考点:Blend Taxing Environments
解析:这道题的实质还是一个Blend Taxing,只不过没有利息和股息部分,只有CG以及UCG部分。
对于Blend Taxing,我们首先还是要计算其RART以及TECG (上图中灰色方框占整个递延面积的比率)
RART=r(1−pcgtcg)=0.08(1−0.4×15%)=7.52% TECG=0.08(1−0.4×15%)0.08×0.6×15%=9.575%
接下来直接套用Blend Taxing的公式,题目没有明确说明税基的情况,那么就默认B=1。
lFVIFT=(1+RART)N−[(1+RART)N−1]TECG−(1−B)TCGFV=100,000[(1+7.52%)20−[(1+7.52%)20−1]9.575%]=395120.2
请问下脚标 ART 和 ECG 分别代表什么的缩写. 谢谢.