开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

pseudonym · 2024年01月24日

PWM讲义里写capital gains are taxed at lower rate

  1. CFA III
  2. Fixed Income

* 问题详情，请 查看题干

NO.PZ202209060200004306

问题如下：

Which of the considerations outlined by Moynahan on page 6 of the presentation is least likely correct?

选项：

A.Consideration A B.Consideration B C.Consideration C

解释：

Solution

B is correct. When managing taxable fixed-income portfolios, Moynahan should not minimize capital gains relative to capital losses because capital losses are generally only used to offset capital gains.

A is incorrect. When managing taxable fixed-income portfolios, Moynahan would want to minimize interest income relative to capital gains because capital gains are typically taxed at a lower effective tax rate.

C is incorrect. When managing taxable fixed-income portfolios, Moynahan may want to dismiss attractive relative value trades due to tax implications.

PWM讲义里写capital gains are taxed at lower rate，上课也提到int income是不劳而获所以税率会更高一点，这和老师的回答说法不一样。。

添加评论
1 个答案

pzqa31 · 2024年01月25日

嗨，从没放弃的小努力你好：


不矛盾啊

利息税通常就是Oridinary income tax，而资本利得税是Capital gain tax。


Capital gain tax通常低于Ordinary income tax。这种主要是税收激励的角度设计的，不是咱们CFA投资范围内的知识点了。


以下大概解释一下为啥，仅供了解：


1、只有Capital gain tax更低，才能鼓励对未来进行投资。试想一下，如果是Capital gain tax更高，Ordinary income tax更低，那么持币的人想法就是进行当期消费，而不是未来储蓄。因为如果进行未来投资储蓄的话，反而要交更高的Capital gain tax。因此，在税收设计上，Capital gain tax更低，会鼓励大家延迟消费，进行投资与储蓄。所以，这是一种激励大家进行长期投资的税收安排。


2、由于Capital gain是一种在未来获得的收益，是一种延迟获得收益，那和现在时刻获得的收益相比，未来时刻的收益会存在通货膨胀；同样是100元的收入，在未来时刻以Capital gain的方式获得，实际上的购买力因为Inflation会小于100，为了对通胀进行补偿，未来的Capital gain tax rate会更低一些。


当然还有其他的一些原因，这些其实属于税收方面的点，不属于咱们CFA投资体系的内容。我们只需知道：

通常来讲，Capital gain tax要低于Ordinary income tax；而且，为了鼓励进行长期投资，Long-term capital gain tax要低于Short-term capital gain tax。

----------------------------------------------
加油吧，让我们一起遇见更好的自己！

  • 1

    回答

  • 1

    关注

  • 223

    浏览
相关问题

NO.PZ202209060200004306 问题如下 nny Moynahan, CFis a fixeincome portfolio manager ReagInvestment Aisory (Reagan). His wife, Abigail Boyle, is a professor a locuniversity not ffrom their home. She is currently teaching investments class. Over nner one evening, she asks her husbanif he will come antalk to her class about managing fixeincome portfolios. She believes it will a useful experienfor her stunts to hefrom someone working in the investment instry. He agrees, anthey plfor him to make his presentation the following week.The next y his office, with permission from his superior, Tom Gayle, Moynahworks on his presentation to the class. He plans to put together six pages for his scussion. He reviews the presentation materials he previously usea conferento see if any of it wouluseful. He cis page 1 shoulscuss the benefits of inclung fixeincome securities in a portfolio anhighlights the following three points:Point Aing fixeincome securities to a portfolio is effective wof obtaining the benefits of versification, especially because fixeincome correlations with other asset classes are low.Point The regulnature of fixeincome cash flows enables investors to funfuture obligations, unless there is a cret event.Point Fixeincome securities calways provi a hee for inflation, whiresults in superior risk-austereportfolio returns.On page 2, Moynahcis to outline the three totreturn approaches he utilizes to manage Reagan’s fixeincome portfolios. He puts together the following exhibit:Exhibit 1 Features of TotReturn PortfoliosMoynahtitles page 3, “Liquity in the FixeIncome Market.” He wants to ensure ththe class appreciates the fferences in liquity between fixeincome anequity securities. He stresses thliquity across fixeincome securities varies greatly anthcompareto equities, fixeincome markets are generally less liqui Also, liquity influences fixeincome pricing, but illiquity enhances the portfolio’s yielto maturity. Lastly, alers will narrow biask sprea on thinly trasecurities a consequenof their illiquity.Tom Gayle, Moynahan’s superior, stops Moynahan’s office. Moynahshares his presentation with Gayle, who suggests thpage 4 inclu a scussion about expectereturns. They ci to outline example of a recent bontra where they bought a $100 pvalue bona premium. Moynahpresents a composition of the bons expectereturns tailing various components anfocuses on roll wn return. He as the following footnote: “The roll wn return monstrates how the priof a bontypically moves closer to pregaress of yielcurve changes over the strategy horizon.”MoynahanGayle continue their scussion about the presentation anbate severpotentisubjects to inclu on page 5. Gayle suggests assessing the use of leverage in the portfolios. They ci to present a scenario where the portfolio is fully investe but given their outlook for a cline in interest rates, they want to increase the portfolio’s investment exposure. The portfolio anthe benchmark both currently have the same ration.On page 6, the finpage of his presentation, Moynahplans to scuss the timplications of fixeincome investing. He wants the class to unrstanththe management of taxable portfolios is more complicateththof tax-exempt portfolios. He outlines the following key consirations for managing taxable fixeincome portfolios:Minimize interest income relative to capitgains.Minimize capitgains relative to capitlosses.Forego attractive trang opportunity because of timplications.Question Whiof the consirations outlineMoynahon page 6 of the presentation is least likely correct? A.Consiration B.Consiration C.Consiration SolutionB is correct. When managing taxable fixeincome portfolios, Moynahshoulnot minimize capitgains relative to capitlosses because capitlosses are generally only useto offset capitgains.A is incorrect. When managing taxable fixeincome portfolios, Moynahwoulwant to minimize interest income relative to capitgains because capitgains are typically taxea lower effective trate.C is incorrect. When managing taxable fixeincome portfolios, Moynahmwant to smiss attractive relative value tras e to timplications. 老师上课说过，如果是taxable的客人，如果有两支股票，一个overvalue，一个unrvalue，我们需要realise unrvalue 的，这样就有一个地税的作用。为什么题目中Minimize capitgains relative to capitlosses. 对于 taxable的客户 是错的呢？

2024-07-09 09:56 1 · 回答

NO.PZ202209060200004306 问题如下 Whiof the consirations outlineMoynahon page 6 of the presentation is least likely correct? A.Consiration B.Consiration C.Consiration SolutionB is correct. When managing taxable fixeincome portfolios, Moynahshoulnot minimize capitgains relative to capitlosses because capitlosses are generally only useto offset capitgains.A is incorrect. When managing taxable fixeincome portfolios, Moynahwoulwant to minimize interest income relative to capitgains because capitgains are typically taxea lower effective trate.C is incorrect. When managing taxable fixeincome portfolios, Moynahmwant to smiss attractive relative value tras e to timplications. 老师好，针对这三个，我的理解是这样的Minimize interest income relative to capitgains.——我知道国债利息是免个人所得税的，其他利息应该有个人所得税？然后资本利得要交个人所得税？我不是很清楚这两个税税率哪个比较大。Minimize capitgains relative to capitlosses.——我觉得这个应该是对的吧？在有纳税义务的组合里面，capitloss可以抵税，因此相比于capitloss，最小化capitgain应该是对的？Forego attractive trang opportunity because of timplications.——因为税收问题放弃一些有吸引力的交易，这个我读起来应该是对的。所以我选了A，但是我也不确定利息收益和资本利得收益谁的税更高，麻烦老师一下谢谢。

2024-05-24 21:14 1 · 回答

NO.PZ202209060200004306 问题如下 Whiof the consirations outlineMoynahon page 6 of the presentation is least likely correct? A.Consiration B.Consiration C.Consiration SolutionB is correct. When managing taxable fixeincome portfolios, Moynahshoulnot minimize capitgains relative to capitlosses because capitlosses are generally only useto offset capitgains.A is incorrect. When managing taxable fixeincome portfolios, Moynahwoulwant to minimize interest income relative to capitgains because capitgains are typically taxea lower effective trate.C is incorrect. When managing taxable fixeincome portfolios, Moynahmwant to smiss attractive relative value tras e to timplications. 看了前面的答复，说是应该选A，A是least likely correct，B和C是对的，但是中又提到了Capitgain tax低于income tax，这样A为什么错，麻烦老师重新一下这道题的AB

2024-01-26 16:35 1 · 回答

NO.PZ202209060200004306问题如下Whiof the consirations outlineMoynahon page 6 of the presentation is least likely correct?A.Consiration AB.Consiration BC.Consiration CSolutionB is correct. When managing taxable fixeincome portfolios, Moynahshoulnot minimize capitgains relative to capitlosses because capitlosses are generally only useto offset capitgains.A is incorrect. When managing taxable fixeincome portfolios, Moynahwoulwant to minimize interest income relative to capitgains because capitgains are typically taxea lower effective trate.C is incorrect. When managing taxable fixeincome portfolios, Moynahmwant to smiss attractive relative value tras e to timplications.为什么助教说是A啊。请一下各

2023-07-23 14:34 2 · 回答