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mushkc · 2023年06月03日

投资长期的股权不是会产生很高的资本利得税吗？

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201805280100000305

问题如下：

Young decides to accept the retirement offer. Having very low liquidity needs, she wants to save part of the retirement payout for unforeseen costs that might occur more than a decade in the future. The broker’s view on long term stock market prospects is positive and recommends additional equity investment.

Determine which of Young’s accounts (education, retirement, reallocated money market, or unexpected needs) is best suited for implementing the broker’s recommendation.

选项：

解释：

如果长期观点是正向的，说明股权价值会大幅涨价，产生大量的capital gain tax。

如此一来，不是放在tax efficient accounts比放在taxable accounts更合理吗？


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lynn_品职助教 · 2023年06月05日

嗨，从没放弃的小努力你好：


所以综合来说，通常适合放在TA账户的是长线股票和免税城市债；而适合放在TDA/TEA账户的是短线股票和所有纳税债券，是这样的吗？那ETF、hedge fund、real estate、mutual fund适合放在什么账户呀？


大致上是这样的。


要看题目给得具体信息，目前从以往的例题、课后题、教材来看，我们只知道mutual fund在美国是有免税的政策，但是题目一定要把税相关的信息告知我们，我们再根据这个信息答题。


总的来说，原则是免税账户是宝贵的，要好好利用。

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lynn_品职助教 · 2023年06月05日

嗨，爱思考的PZer你好：


如果长期观点是正向的，说明股权价值会大幅涨价，产生大量的capital gain tax。

如此一来，不是放在tax efficient accounts比放在taxable accounts更合理吗？


这道题目问的是，以下哪一个投资账户适合投资broker的建议（即投入更多的资金到股票账户），考察的知识点是我们在做配置时要考虑所投资资产的流动性和它们带来的税收影响。


原文中提到，broker对于股票市场的长期表现是持positive的观点。


所以，要投入到股票市场的这笔钱必须是短期用不上的钱，以获得股票市场的长期收益。


Unexpected needs意味着这笔现金流流出的时间和金额是不确定，极端情况可能下一秒或者第二天就要用上这笔钱，因而肯定不可能投入到股票市场上的，更应该投的是货币市场基金，比方说T+0可随时申购赎回产品，以应对不确定性。


通过流动性我们可以排除education和Unexpected needs这两个账户，因为他们要求的流动性较高，所以长期持有股票不合适。


剩下的就是考虑同学说的税收问题啦。



原文红框这句话说，broker对于长期股票市场的预期是积极的并建议增加投资，说明现在股票是做长期持有而不是短期投机高频交易。


也就是说股权价值会大幅涨价，产生大量的capital gain tax，同学的这个推论不一定成立，因为即使涨了很多，如果投资目的不是为了低买高卖而是长期投资的话，就不会在高位卖出并产生大量的capital gain tax。


对于长期持有的股票，一个收益是期间现金流（股利），它相较于bond每年产生的利息而言是比较少的；另一个收益是卖出股票时产生资本利得，因为是长期持有，其实这里已经有了deferred capital gain tax treatment的效果。


综合以上两点，对于长期持有的股票，可以将它放在taxable accout。

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mushkc · 2023年06月05日

所以综合来说，通常适合放在TA账户的是长线股票和免税城市债；而适合放在TDA/TEA账户的是短线股票和所有纳税债券，是这样的吗？那ETF、hedge fund、real estate、mutual fund适合放在什么账户呀？

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