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yj2640 · 2024年06月28日

各种账户

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ202212280100005201

问题如下：

(1) The broker suggests that Young rebalance her $5.5 million money market account and the $3.0 million tax-deferred retirement account periodically in order to maintain their targeted allocations. The broker proposes the same risk profile for the equity positions with two potential target equity allocations and rebalancing ranges for the two accounts as follows:

· Alternative 1: 80% equities +/– 8.0% rebalancing range

· Alternative 2: 75% equities +/– 10.7% rebalancing range

Determine which alternative best fits each account.


选项：

解释：

老师你好，题目中的net of tax账户是after-tax的，我理解这是一个新的说法，说的是进来的钱已经扣税了？

我记得个人IPS里面讲到的1） taxable, 2) TDA, 3) TEA都假设钱进来是pre-tax的？


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已采纳答案

lynn_品职助教 · 2024年06月30日

嗨，努力学习的PZer你好：


1、net of tax是除掉税的意思，不过不一定是要收税的把税收掉了，也可能是不用收税的，其实就是净额

2、不是的哈，不是都一样的。

TDA、TEA和taxable对比来看。


个人获得工资性收入或其他收入①→投资账户②→从投资账户中取钱③。


三个过程都涉及到征税。


步骤①涉及的税种是个人所得税income tax。


步骤②涉及的税种是投资相关的capital gain tax、income tax。


步骤③涉及的税种是从投资账户里取出资金所要征的税，是wealth tax的概念。


对于TDA、TEA、taxable账户，不同过程征收税种是不同的。


对于TDA账户，步骤①的钱是不征税的，这就是before tax想表达的含义，原版书上对这里的描述是：contribution tax exempt。步骤②也不征税。步骤③取出投资账户资金时，一次性征税。


对于taxable账户。步骤①的资金是税后的，税后收入进入②投资账户，投资账户征收return tax，步骤③取出账户资金时不征税。


对于TEA账户。步骤①是的资金是税后的，税后资金进入②投资账户的投资收益以及取出资金③均不再征税。

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