NO.PZ2018110601000025
问题如下：
In a country where dividend and capital gains are taxed at lower rates than interest income, and realized capital losses can be used to offset realized capital gains. A taxable investor could obtain highest tax-efficient if his taxable account hold more:
选项：
A. investment grade bonds
B. stocks
focused on dividend distribution
C. stocks
focused on capital gain opportunities.
解释：
C is correct.
考点：asset allocation中的税收限制
解析：应税账户中应当首先考虑征税低、或者可以抵减税收的资产。题中，dividend与capital gain的税率比interest income低，首先排除A。由于realized capital losses可以抵减realized capital gains（这被称为tax-loss harvesting），关注于capital gain的股票一旦获得损失可以抵减当前或者未来的capital gain，所以C更好。
Capital loss能通过tax loss harvesting去抵税，而dividend税又比利息税低，不应该放在taxable account 里面吗