Shimin_CPA税法主讲、CFA教研 · 2019年05月29日
1. Taxable账户在账户内的投资收益要征税，征的是investment tax，也就是说只要有增值，那么增值部分就要交税。为了维持本金购买力不变，投资收益要算上通货膨胀的因素，通货膨胀也是增值的部分，所以这部分同样要征税。因此PTN*(1-T)是含通货膨胀的，再减去inflation才能得到ATR。即：ART=PTN×（1-T）- inflation
TDA账户最常见的是养老金账户，TDA账户在账户内投资不征税，出账户要征税，征的是withdraw tax。TDA账户的税前收益率是含通货膨胀的，从账户中取多少才交多少税。如果是部分支取，那么账户中维持本金购买力不变的那部分没有被取出来，因此，通货膨胀的部分没有被征收，所以在PTN的基础上先减掉inflation，再征税。即：ART=（PTN - inflation）×（1-T）。
2. 退休金跟工资一样，是按月发放的，属于期间现金流。期间现金流折到期末来计算。
3. If they retire at age 60, they plan to pay off their mortgage and associated taxes by withdrawing CAD 100,000 from their portfolio upon retirement
这一问的房贷在退休时一次性还清了，所以不用算一个stage。
小枕头 · 2019年05月29日
感谢感谢 就是第三个问题 还想追加问一下，李老师不是说算stage要看重大现金流支出么？我记得有一道题说是母亲要给孩子连续四年交大学学费 按理说单看每一年 也都是在某个时间点支出的 跟这个在六十岁当天支出一样的做法 那为什么交学费的就要算成一个stage 而这个就忽略了呢？
NO.PZ201601050100000401 问题如下 1. To rebalanthe SEK/Ghee, anassuming all instruments are baseon SEK/GBP, Björk woulbuy: A.G7,000,000 spot. B.G7,000,000 forwarto cember 1. C.SEK 74,812,500 forwarto cember 1. B is correct.The Gvalue of the assets hcline anhenthe hee nee to receG7,000,000. This woulrequire buying the Gforwarto net the outstanng (short) forwarcontrato amount less thG100,000,000.A is incorrebecause to rebalanthe hee (rethe net size of the short forwarposition) the Gmust bought forwar not with a spot transaction.C is incorrebecause the Gmust bought, not sol Buying SEK against the Gis equivalent to selling GBP. Moreover, the amount of SEK thwoulsolforwar(to buy G7,000,000 forwar woulterminethe forwarrate, not the spot rate (7,000,000 × 10.6875 = 74,812,500).中文解析题干中，本币是SEK，持有外币GBP的资产，担心外币贬值，因此需要short forwaron GBP，合约规模是100,000,000，到期时间是12月1号。现在外币资产规模下降了7,000,000，因此原来的对冲头寸也需要对应的下降7,000,000.降低原来对冲头寸的方法是签反向头寸平掉7,000,000的头寸。之前是short forwar头寸，到期时间是12月1号，反向头寸需要long forwar合约规模是7,000,000，到期时间应该和原来的合约到期时间一样也是12月1号，因此选 RT
NO.PZ201601050100000401 问题如下 1. To rebalanthe SEK/Ghee, anassuming all instruments are baseon SEK/GBP, Björk woulbuy: A.G7,000,000 spot. B.G7,000,000 forwarto cember 1. C.SEK 74,812,500 forwarto cember 1. B is correct.The Gvalue of the assets hcline anhenthe hee nee to receG7,000,000. This woulrequire buying the Gforwarto net the outstanng (short) forwarcontrato amount less thG100,000,000.A is incorrebecause to rebalanthe hee (rethe net size of the short forwarposition) the Gmust bought forwar not with a spot transaction.C is incorrebecause the Gmust bought, not sol Buying SEK against the Gis equivalent to selling GBP. Moreover, the amount of SEK thwoulsolforwar(to buy G7,000,000 forwar woulterminethe forwarrate, not the spot rate (7,000,000 × 10.6875 = 74,812,500).中文解析题干中，本币是SEK，持有外币GBP的资产，担心外币贬值，因此需要short forwaron GBP，合约规模是100,000,000，到期时间是12月1号。现在外币资产规模下降了7,000,000，因此原来的对冲头寸也需要对应的下降7,000,000.降低原来对冲头寸的方法是签反向头寸平掉7,000,000的头寸。之前是short forwar头寸，到期时间是12月1号，反向头寸需要long forwar合约规模是7,000,000，到期时间应该和原来的合约到期时间一样也是12月1号，因此选 Forwar约规模100,000,000 是怎么算出来的，有什么用么？
NO.PZ201601050100000401 问题如下 1. To rebalanthe SEK/Ghee, anassuming all instruments are baseon SEK/GBP, Björk woulbuy: A.G7,000,000 spot. B.G7,000,000 forwarto cember 1. C.SEK 74,812,500 forwarto cember 1. B is correct.The Gvalue of the assets hcline anhenthe hee nee to receG7,000,000. This woulrequire buying the Gforwarto net the outstanng (short) forwarcontrato amount less thG100,000,000.A is incorrebecause to rebalanthe hee (rethe net size of the short forwarposition) the Gmust bought forwar not with a spot transaction.C is incorrebecause the Gmust bought, not sol Buying SEK against the Gis equivalent to selling GBP. Moreover, the amount of SEK thwoulsolforwar(to buy G7,000,000 forwar woulterminethe forwarrate, not the spot rate (7,000,000 × 10.6875 = 74,812,500).中文解析题干中，本币是SEK，持有外币GBP的资产，担心外币贬值，因此需要short forwaron GBP，合约规模是100,000,000，到期时间是12月1号。现在外币资产规模下降了7,000,000，因此原来的对冲头寸也需要对应的下降7,000,000.降低原来对冲头寸的方法是签反向头寸平掉7,000,000的头寸。之前是short forwar头寸，到期时间是12月1号，反向头寸需要long forwar合约规模是7,000,000，到期时间应该和原来的合约到期时间一样也是12月1号，因此选 为何不选A，买现货平仓
NO.PZ201601050100000401 是将了700000，还是降到700000？
NO.PZ201601050100000401 怎么看出开始是做空GBP？
