NO.PZ2015112003000018
问题如下：
Jose DiCenzo has some securities worth €50,000 that have a cost basis of €75,000. If he sells the securities in the current tax year and replaces them with securities having the same returns. He will then sell the new securities in the next tax year. Assuming capital gains are taxed at 30 percent, what is the total tax savings assuming DiCenzo does not reinvest the tax savings?
选项：
A.€0.
B.€7,500.
C.€15,000.
解释：
A is correct.
Assuming DiCenzo does not reinvest the tax savings, tax loss harvesting does not reduce the total tax paid over time. It only defers taxes because recognizing the loss resets the cost basis to a lower figure which will ultimately increase the gain realized late by the same amount. Tax loss harvest can augment return by postponing tax liabilities. Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further.
常见注意要点：
问题问的是total tax saving是多少，也就是今年明年一共要交的tax，在realized losses和unrealized losses的情况下，相差多少。
学员可以自己带入数字去算一算，例如假设明年股价涨到80,000，你会发现total tax saving是0；因为今年卖掉股票获得tax reduction的同时，也降低了tax basis，会导致明年的capital gain tax增加。所以综合来看，total tax saving=0
本题解题思路是明白了，但是从题干中哪里看出是比较“第一年先卖出再买回，第二年再卖出”和“不执行操作（持有），直到第二年才卖出”两者的tax区别
