NO.PZ201805280100000104
问题如下：
4. Given Koval’s current portfolio and the tax laws of the country in which he lives, Koval’s portfolio would be more tax efficient if he reallocated his taxable account to hold more:
选项：
A.high- yield bonds.
B.investment- grade bonds.
C.domestic equities focused on long- term capital gain opportunities.
解释：
C is correct.
As a general rule, the portion of a taxable asset owner’s assets that are eligible for lower tax rates and deferred capital gains tax treatment should first be allocated to the investor’s taxable accounts. Assets that generate returns mainly from interest income tend to be less tax efficient and in Koval’s country are taxed at progressively higher rates. Also, the standard deviation (volatility) of after- tax returns is lower when equities are held in a taxable account. Therefore, Koval’s taxable account would become more tax efficient if it held more domestic equities focused on long- term capital gain opportunities.
考点：taxable investor
解析：为了达到more tax efficient的目的，应该投资更多税率低的资产类型。 当前的投资产品有high-yield bonds, investment-grade bonds, and domestic equities，前两者作为债券获得的是interest income, 而domestic equities主要获得是capital gains。由于这个国家 interest tax rate高于long-term capital gains tax，所以应该更多的投资domestic equities。
原文中说“ In taxable accounts, realized capital losses can be used to offset current or future realized capital gains.”实现损失可以抵税，针对表格中的信息，investment-grade bond收益率是-3%，那不是应该选择B吗？虽然我看到interest income税率高低的句子了