NO.PZ202109080300000106
问题如下：
The annualized after-tax post-liquidation return calculated by Chen is closest to:
选项：
A.4.41%. B.5.62%. C.5.92%.解释：
B is correct. The annualized after-tax post-liquidation return is calculated as follows.
First, calculate the ending portfolio value. Given Fund D’s after-tax returns over the past three years, the ending portfolio value is calculated as
Final after-tax portfolio value = (1 + 0.070) × (1 + 0.033) × (1 + 0.075) = 1.1882.
The after-tax returns compounded in this way account for the tax on distributions and realized capital gains but do not account for any unrealized capital gains. The assumed tax liability from capital gains at liquidation is 1.0% of the final value, which is the product of the 5% embedded gain and the 20% capital gains tax rate. The portfolio value net of the unrealized gains tax liability is given by subtracting the assumed tax liability from capital gains at liquidation from the final after-tax portfolio value:
Portfolio value net of the unrealized gains tax liability = 1.1882 − 0.01 = 1.1782.
Second, calculate the annualized post-liquidation return as follows:
Portfolio value net of the unrealized gains tax liability = 1.1882 − 0.01 = 1.1782.
这里为什么直接减 为什么不是1.1882 *（1− 0.01）
