可以讲一下吗，没懂

问题如下：

If Thompson sells the emerging technology stocks and invests the proceeds in the international equity fund, what will be the tax implications?

选项：

There will be no tax impact

He will defer taxes of €25,000 to a future period

He will permanently reduce his taxes by €25,000

解释：

B is correct. Selling a security at a loss and reinvesting the proceeds in a similar security effectively resets the cost basis, potentially increasing future tax liabilities. In other words, the taxes saved now may be simply postponed. In this case, the emerging technology stocks have a cost of €800,000 and a current value of €500,000, resulting in a loss of €300,000. Assuming he sells and invests, and when he realizes gains from the international equity fund in the future, the lower cost basis will increase the taxable income. Originally, this unrealized loss of €300,000 did not affect taxes. After the sale, it can be used to offset future capital gains, but at the same time, it reduces the cost basis of the future asset sale. Calculated at a capital gains tax rate of 25%, if there are sufficient capital gains in the future, he will pay an additional €75,000 in taxes (€300,000 × 25% = €75,000), but currently, he can reduce the taxes on the realized capital gains of €150,000 (€150,000 × 25% = €37,500). Overall, it is equivalent to deferring the payment of approximately €37,500 in taxes (here, an approximate value of €25,000 is taken to illustrate the tax deferral situation).