问一道题：NO.PZ201805280100000203

NO.PZ201805280100000203 问题如下 Elsbeth Quinn anMcCall are partners Camel Asset Management (CAM).Quinn aises high- net- worth invials, anMcCall specializes in retirement plans for institutions.Quinn meets with NeanKarina Martin, both age 44. The Martins plto retire age 62. Twenty percent of the Martins’ $600,000 in financiassets is helin cash anearmarkefor funng their ughter Lara’s university stues, whibegin in one year. Lara’s ecation antheir own retirement are the Martins’ highest- priority goals. Last week, the Martins learnethLara wawara four- yefull scholarship for university. Quinn reviews how the scholarship might affethe Martins’asset allocation strategy.The Martins have assets in both taxable antax- ferreaccounts. For baseline retirement nee, Quinn recommen ththe Martins maintain their current overall 60% equity/40% bon (± 8% rebalancing range) strategic asset allocation. Quinn calculates thgiven current financiassets anexpectefuture earnings, the Martins coulrefuture retirement savings 15% anstill comfortably retire 62. The Martins wish to allocate th15% to a suportfolio with the goof making a charitable gift to their almamater from their estate. Although the gift is a low- priority goal, the Martins want the suportfolio to earn the highest return possible. Quinn promises to recommenasset allocation strategy for the Martins’ aspirationgoal.Next, Quinn scusses taxation of investments with the Martins. Their interest income is taxe35%, ancapitgains anvin are taxe20%. The Martins want to minimize taxes. Baseon personresearch, Nemakes the following two statements:Statement 1 The after- treturn volatility of assets helin taxable accounts will less ththe pre- treturn volatility.Statement 2 Assets threceive more favorable ttreatment shoulhelin tax- ferreaccounts.The equity portion of the Martins’ portfolios proceannualizereturn of 20% for the past three years. a result, the Martins’ equity allocation in both their taxable antax- ferreportfolios hincreaseto 71%, with bon falling to 29%.The Martins want to keep the strategic asset allocation risk levels the same in both types of retirement portfolios. Quinn scusses rebalancing; however, Neis somewhreluctant to take money out of stocks, expressing confinthstrong investment returns will continue.Quinn’s Cassociate, McCall, meets with Bruno Snea the rector of the Katt Company Pension Fun(KCPF). The strategic asset allocation for the funis 65% stocks/35% bon. Because of favorable returns ring the past eight recession- free years, the KCPF is now overfun However, there are early signs of the economy weakening. SinKatt Company is in a cyclicinstry, the Pension Committee is concerneabout future market aneconomic risk anfears ththe high- priority goof maintaining a fully funstatus maersely affecte McCall suggests to Sneththe KCPF might benefit from upteIPS. Following a thorough review, McCall recommen a new IPS anstrategic asset allocation. The proposeIPS revisions inclu a plfor short- term viations from strategic asset allocation targets. The gois to benefit from equity market tren automatically increasing (creasing) the allocation to equities 5% whenever the S P 500 Inx 50- y moving average crosses above (below) the 200- y moving average.Whiof Neal’s statements regarng the taxation of investments is correct? A.Statement 1 only B.Statement 2 only C.Both Statement 1 anStatement 2 A is correct. Taxes alter the stribution of returns both recing the expectemereturn anmuting the spersion of returns. The portion of owner’s taxable assets thare eligible for lower trates anferrecapitgains ttreatment shoulfirst allocateto the investor’s taxable accounts.考点taxable investor解析Statement 1正确，应税账户资产的税后波动率低于税前波动率。Statement 2错误，资产本身有一些税收优惠的，可以放在taxable account，没有税收优惠的资产可以放在tax- ferreaccounts递延纳税时间，因此Statement 2描述反了。因此A正确。 hello， 这个我还有这种理解因为CGT , income tax税收是不一样的，那么在pre- texpectereturn一样的组合把tax剔除后 return相差会很多，这样的话after treturn volatility难度不是更大或者更高吗？请问老师怎么理解的？

NO.PZ201805280100000203 问题如下 Whiof Neal’s statements regarng the taxation of investments is correct? A.Statement 1 only B.Statement 2 only C.Both Statement 1 anStatement 2 A is correct. Taxes alter the stribution of returns both recing the expectemereturn anmuting the spersion of returns. The portion of owner’s taxable assets thare eligible for lower trates anferrecapitgains ttreatment shoulfirst allocateto the investor’s taxable accounts.考点taxable investor解析Statement 1正确，应税账户资产的税后波动率低于税前波动率。Statement 2错误，资产本身有一些税收优惠的，可以放在taxable account，没有税收优惠的资产可以放在tax- ferreaccounts递延纳税时间，因此Statement 2描述反了。因此A正确。 请问Statement1的原因可以一下吗？谢谢

NO.PZ201805280100000203 有税收优惠的放Tax-ferre没有税收优惠的放Tax-exempt 第2个statement 就是说的有税收优惠的放Tax-ferre这个错了吗 我理解的哪里有问题的？

    请问T对 viation of return的影响是R19中哪里提到？我好像遗漏了，谢谢