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皓皓心 · 2021年11月20日

为什么bond的收益率不用扣税？题目里面写的是overall tax rate

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201805280100000302

问题如下：

A broker proposes to Young three portfolios, shown in Exhibit 1. The broker also provides Young with asset class estimated returns and portfolio standard deviations in Exhibit 2 and Exhibit 3, respectively. The broker notes that there is a $500,000 minimum investment requirement for alternative assets. Finally, because the funds in the money market account are readily investible, the broker suggests using that account only for this initial investment round.


Young wants to earn at least 6.0% after tax per year, without taking on additional incremental risk. Young’s capital gains and overall tax rate is 25%.

Determine which proposed portfolio most closely meets Young’s desired objectives. (Circle one.) Justify your response.


解释：



为什么bond的收益率不用扣税？题目里面写的是overall tax rate
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2 个答案

郭静_品职助教 · 2021年11月21日

嗨，从没放弃的小努力你好：


不是的，只有state and local government bonds (municipal bonds)这种债券才是免税的



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努力的时光都是限量版，加油！

郭静_品职助教 · 2021年11月21日

嗨，从没放弃的小努力你好：


原版书中（V4个人IPS page273）有一句话提到：

In the United States, income from state and local government bonds (municipal bonds) is often exempt from both federal and state income taxes; unless special provisions exist, interest is taxed at the ordinary income tax rate.

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加油吧，让我们一起遇见更好的自己！

皓皓心 · 2021年11月21日

那如果考试的时候没有明确说bond 的tax rate的话，就直接按没有税来算吗？怎么感觉很不靠谱呢

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