怎么区分avoidance和reduction

我怎么分辨它是从整体的角度还是仅仅从这个资产的角度呢

这是书上的定义及举例。但是考试的时候，题目肯定会说清楚的，协会一定会避免疑惑考生。所以不用担心。通常这种是出客观题。按照我跟你说的原则判断即可

例如这题，同学可以看看这题你会不会做。

Açor’s recommendation regarding asset location in Bañuq’s portfolio is most likely an example of tax:

选项：

A.

deferral.

B.

reduction.

C.

avoidance.

解释：

C is correct. Changing the location of high- dividend- paying equities away from Bañuq’s taxable account to a retirement account with tax- free earnings and future liquidity events is an example of a tax avoidance strategy. Implementing this asset location change will eliminate the taxes that Bañuq would have been required to pay on investment income and gains in this account.

Changing the location of high-dividend-paying equities away from Bañuq’s taxable account to a retirement account with tax-free earnings and future liquidity events is an example of a tax avoidance strategy。

这里属于避税【tax avoidance】，因为讲高分红的股票从taxable account放入了TDA账户，TDA账户内的投资是免税的，所以这种手段是【合理避税】

tax reduction：For example, a wealth manager may recommend tax-exempt bonds that can produce a higher tax-adjusted return than taxable bonds.

这里他的意思是买一个免税国债代替taxable bonds，但账户没有变，依旧在taxable account里，所以即便债券换成了免税债券，其他的资产依然不免税，所以达到的一个【税收减免】的作用。所以，要从整体来思考。但如果只从债券角度思考的话，我认为这里算作ax avoidance也合适。

原则是：

tax avoidance：避税，直接免税

tax reduction：减免、减少税收