NO.PZ2023010410000010
问题如下：
Johnson is a tax adviser who provides tax awareness advice to private clients. One of Johnson’s clients is Lily.
Lily asks Johnson to evaluate Mutual Fund A, which has an embedded gain of 10% of the ending portfolio value. Lily asks Johnson to calculate a post-liquidation return over the most recent three-year period. Mutual Fund A exhibited after-tax returns of 9.0% in Year 1, 5% in Year 2, and 8% in Year 3, and capital gains are taxed at a 25% rate.
The annualized after-tax post-liquidation return calculated by Johnson is closest to:
选项：
A.21.1%
5.62%
6.41%
解释：
C is correct.
The annualized after-tax post-liquidation return is calculated as follows.
First, calculate the ending portfolio value. Given Fund A’s after-tax returns over the past three years, the ending portfolio value is calculated as
Final after-tax portfolio value = (1 + 0.09) × (1 + 0.05) × (1 + 0.08) = 1.236.
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 2.5% of the final value, which is the product of the 10% embedded gain and the 25% 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 = 1.236 ×（1-0.025） = 1.205.
Second, calculate the annualized post-liquidation return as follows:
1.2051/3 − 1=6.41%
拿100块钱来说
最后的final value = 100 * (1+10%) = 110
tax = Capital Gain 10 * Tax rate 25% = 2.5
那么(1-tax/final value)不就应该等于 2.5/110 = 0.0227吗？
还是没太搞懂答案说的(1-0.025)的0.025是怎么来的
