为什么这里不用算capital gain的部分？

NO.PZ202410180200002401问题如下 termine whether the stributions from Patel’s portfolio are expecteto sufficient to cover the expecteshortfall between his retirement nee anhis anticipateincome The solution below shows ththe expectestributions of EUR48,000 are greater ththe expecteshortfall of EUR30,000. Thus, the stributions are expecteto more thsufficient to help Patel meet his annuincome nee in retirement. The expecteshortfall between Patel's retirement nee anhis anticipateincome is equto EUR30,000 (=200,000—50,000 - 120,000). The expecteafter-tstributions from his portfolio are EUR48,000, shown below:FVA=B{[1+r(1-tx)]^T}-1=4,000,000{[1+0.02(1-0.40)]}=48,000The current value of the portfolio or basis, is EUR4,000,000. The before-treturn, r, is the 2% yielfrom vin aninterest. The trate, tx ， is 40%, anTequals 1 to reflethe annucash stributions to augment the shortfall. Note ththis return ignores the after-treturn from capitappreciation, whiwoula to the excess of after-tearnings over annuincome nee. The expecteshortfall between Patel’s retirement nee anhis expecteincome is EUR 30k ( 200k-120k-50k)The stributions from his portfolio is EUR 4000k *(2%*60%)=EUR 48k EUR 30kSo the stributions is sufficient to cover the shortfall.

NO.PZ202410180200002401 问题如下 Sharfepto Zik, a private wealth manager, is meeting with a 60-year-olclient, Garbanzo Patel, in orr to create IPS for Patel’s upcoming retirement in the next year. Patel estimates thhe will require EUR200,000 per year, with annuincreases for inflation, ring retirement. Patel’s primary spenng goals ring retirement are to provi for his family’s nee anmaintain his retirement lifestyle. His seconry goals are to funhis philanthropic activities anleave a significant inheritanto his chilen. ring his retirement, Patel will receive union pension payments of EUR50,000 per yewith annuincreases for inflation. In his spare time, Patel runs a small business thprovis him with annuincome of EUR120,000 anis valueEUR1 million. He will continue running his business ring retirement. Patel hol a portfolio of securities valueapproximately EUR4 million with a cost basis of EUR1 million. Patel expects annupretcapitgains return of 6.5% per yeon his securities portfolio. The capitgains trate is 20%. The portfolio primarily contains vinpaying stocks aninterest-bearing bon, anthe yielon the portfolio is 2%. Both stovinanboninterest are taxeannually a rate of 40%. In the past, Patel hreinvesteall these stributions bainto his portfolio but anticipates thafter retirement he mneeto use some of the stributions to funhis expenses. Aitionally, Patel plans to buy a vacation home to enjoy his early retirement years anexpects to holthe home for 10 years. His buet for the vacation home is approximately EUR1.7 million. He expects 8% annupretappreciation in the value of his vacation home anexpects to pcapitgains tof 20% on the sale of this vacation home. Patel is consiring selling half of his securities portfolio to funthe vacation home purchase. Patel is also worrieabout the effects of inflation. While his pension income will aust for inflation, he is concerneththe income from his small business is unlikely to aust with inflation. He asks Zik to analysis to assess whether his income sources are expecteto sufficient in 10 years to cover the effects of inflation of 5% per ye termine whether the stributions from Patel’s portfolio are expecteto sufficient to cover the expecteshortfall between his retirement nee anhis anticipateincome The solution below shows ththe expectestributions of EUR48,000 are greater ththe expecteshortfall of EUR30,000. Thus, the stributions are expecteto more thsufficient to help Patel meet his annuincome nee in retirement. The expecteshortfall between Patel's retirement nee anhis anticipateincome is equto EUR30,000 (=200,000—50,000 - 120,000). The expecteafter-tstributions from his portfolio are EUR48,000, shown below:FVA=B{[1+r(1-tx)]^T}-1=4,000,000{[1+0.02(1-0.40)]}=48,000The current value of the portfolio or basis, is EUR4,000,000. The before-treturn, r, is the 2% yielfrom vin aninterest. The trate, tx ， is 40%, anTequals 1 to reflethe annucash stributions to augment the shortfall. Note ththis return ignores the after-treturn from capitappreciation, whiwoula to the excess of after-tearnings over annuincome nee. Patel estimates thhe will require EUR200,000 per year, with annuincreases for inflation, ring retirement. He hfollowing incomes:Patel runs a small business thprovis him with annuincome of EUR120,000.Patel will receive union pension payments of EUR50,000 per yewith annuincreases for inflation.Patel hol a portfolio of securities valueapproximately EUR4 million with a cost basis of EUR1 million. The portfolio primarily contains vinpaying stocks aninterest-bearing bon, anthe yielon the portfolio is 2%. Both stovinanboninterest are taxeannually a rate of 40%. So totincome generatethe portfolio is 48K after tax.Totincome woul218K whiis greater th200k of expense requirement.

NO.PZ202410180200002401 问题如下 termine whether the stributions from Patel’s portfolio are expecteto sufficient to cover the expecteshortfall between his retirement nee anhis anticipateincome The solution below shows ththe expectestributions of EUR48,000 are greater ththe expecteshortfall of EUR30,000. Thus, the stributions are expecteto more thsufficient to help Patel meet his annuincome nee in retirement. The expecteshortfall between Patel's retirement nee anhis anticipateincome is equto EUR30,000 (=200,000—50,000 - 120,000). The expecteafter-tstributions from his portfolio are EUR48,000, shown below:FVA=B{[1+r(1-tx)]^T}-1=4,000,000{[1+0.02(1-0.40)]}=48,000The current value of the portfolio or basis, is EUR4,000,000. The before-treturn, r, is the 2% yielfrom vin aninterest. The trate, tx ， is 40%, anTequals 1 to reflethe annucash stributions to augment the shortfall. Note ththis return ignores the after-treturn from capitappreciation, whiwoula to the excess of after-tearnings over annuincome nee. Pension和Expense是考虑到了Inflation，但是Security的收入是没有考虑到Inflation的

NO.PZ202410180200002401 问题如下 termine whether the stributions from Patel’s portfolio are expecteto sufficient to cover the expecteshortfall between his retirement nee anhis anticipateincome The solution below shows ththe expectestributions of EUR48,000 are greater ththe expecteshortfall of EUR30,000. Thus, the stributions are expecteto more thsufficient to help Patel meet his annuincome nee in retirement. The expecteshortfall between Patel's retirement nee anhis anticipateincome is equto EUR30,000 (=200,000—50,000 - 120,000). The expecteafter-tstributions from his portfolio are EUR48,000, shown below:FVA=B{[1+r(1-tx)]^T}-1=4,000,000{[1+0.02(1-0.40)]}=48,000The current value of the portfolio or basis, is EUR4,000,000. The before-treturn, r, is the 2% yielfrom vin aninterest. The trate, tx ， is 40%, anTequals 1 to reflethe annucash stributions to augment the shortfall. Note ththis return ignores the after-treturn from capitappreciation, whiwoula to the excess of after-tearnings over annuincome nee. 4000000 *2% *0.6=48000200000-50000-120000=30000The stributions from Patel’s portfolio (EUR 40000)are expecteto sufficient to cover the expecteshortfall (EUR30000)between his retirement nee anhis anticipateincome