NO.PZ2018110601000030
问题如下：
Which of the following statement about asset allocation for taxable investor is least appropriate?
选项：
A.
In taxable account, the after-tax asset return volatility will be less than the pre-tax asset return volatility.
B.
In taxable account, the after-tax asset return will be less than the pre-tax asset return.
C.
More tax favorable assets should be held in the tax-exempt accounts.
解释：
C is correct.
考点：asset allocation for taxable investor
解析：在taxable account，资产的收益率和波动率都受税收影响而减小，并且有以下公式：
， 。有税收优惠的资产应当放入taxable account，例如，税率低的或者可以抵减税收的资产。
B如果return是负的，因为taxable account中一部分的loss被税务局承担，那其实在有loss的情况下after tax return应该比pre tax 要高才对啊。 C选项的话，tax favorable asset是有税收优惠的，那他们的的tax应该比没有税收优惠的asset要低，不应该放到taxable account吗 因为taxable account里应该放税率低的
