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MaddieMak · 2022年04月01日

为什么跟公式不一样呢?

NO.PZ2021090804000006

问题如下:

Johnson is a tax adviser who provides tax awareness advice to private clients. One of Johnson’s clients is Lily.

Lily asks Johnson to evaluate Mutual Fund A, which has an embedded gain of 10% of the ending portfolio value. Lily asks Johnsonto calculate a post-liquidation return over the most recent three-year period. Mutual Fund A exhibited after-tax returns of 9.0% in Year 1, 5% in Year 2, and 8% in Year 3, and capital gains are taxed at a 25% rate.

The annualized after-tax post-liquidation return calculated by Johnson is closest to:

选项:

A.

21.1%

B.5.62%.

C.

6.59%

解释:

C is correct.

The annualized after-tax post-liquidation return is calculated as follows.

First, calculate the ending portfolio value. Given Fund A’s after-tax returns over the past three years, the ending portfolio value is calculated as

Final after-tax portfolio value = (1 + 0.09) × (1 + 0.05) × (1 + 0.08) = 1.236.

The after-tax returns compounded in this way account for the tax on distributions and realized capital gains but do not account for any unrealized capital gains. The assumed tax liability from capital gains at liquidation is 2.5% of the final value, which is the product of the 10% embedded gain and the 25% capital gains tax rate. The portfolio value net of the unrealized gains tax liability is given by subtracting the assumed tax liability from capital gains at liquidation from the final after-tax portfolio value:

Portfolio value net of the unrealized gains tax liability = 1.236 − 0.025 = 1.211.

Second, calculate the annualized post-liquidation return as follows:

1.2111/3 − 1=6.59%

年化税后清算后回报计算如下。

首先,计算期末投资组合价值。鉴于基金 A 过去三年的税后回报,期末投资组合价值计算为

最终的税后投资组合价值 = (1 + 0.09) × (1 + 0.05) × (1 + 0.08) = 1.236。

以这种方式复利的税后回报计算了分配税和已实现的资本收益,但不考虑任何unrealized capital gains。清算时资本收益的假定纳税义务为最终价值的 2.5%,这是 10% 的内含收益和 25% 的资本收益税率的乘积。通过从最终税后投资组合价值中减去清算时的资本收益中的假定税负,得出 The portfolio value net of the unrealized gains tax liability:

1.236 − 0.025 = 1.211。

其次,计算年化清算后回报如下:

1.2111/3 − 1=6.59%

公式中的(Vn-V0)xTcg/Vn 为什么可以用10%*25%代替呢?

2 个答案

王暄_品职助教 · 2022年04月30日

请问可以再解释一下什么是embedded gain吗?是说期末我有10%的gain没有realised?

是的,就是10%的资本利得,还未realized(即未卖出)

王暄_品职助教 · 2022年04月02日

因为这批钱里有10% embedded gain,因为这么多钱没有realized,所以没有缴纳资本利得税,那么对于这10%的钱,还要缴纳25%的资本利得税。

Michelle🍉 · 2022年04月30日

请问可以再解释一下什么是embedded gain吗?是说期末我有10%的gain没有realised?

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NO.PZ2021090804000006 问题如下 Johnson is a taiser who provis tawareness aito private clients. One of Johnson’s clients is Lily.Lily asks Johnson to evaluate MutuFunwhihembeegain of 10% of the enng portfolio value. Lily asks Johnsonto calculate a post-liquition return over the most recent three-yeperio MutuFunA exhibiteafter-treturns of 9.0% in Ye1, 5% in Ye2, an8% in Ye3, ancapitgains are taxea 25% rate. The annualizeafter-tpost-liquition return calculateJohnson is closest to: A.21.1% B.5.62%. C.6.41% C is correct.The annualizeafter-tpost-liquition return is calculatefollows. First, calculate the enng portfolio value. Given FunA’s after-treturns over the past three years, the enng portfolio value is calculateasFinafter-tportfolio value = (1 + 0.09) × (1 + 0.05) × (1 + 0.08) = 1.236. The after-treturns compounin this waccount for the ton stributions anrealizecapitgains but not account for any unrealizecapitgains. The assumetliability from capitgains liquition is 2.5% of the finvalue, whiis the proof the 10% embeegain anthe 25% capitgains trate. The portfolio value net of the unrealizegains tliability is given subtracting the assumetliability from capitgains liquition from the finafter-tportfolio value:Portfolio value net of the unrealizegains tliability = 1.236 ×(1-0.025) = 1.205.Secon calculate the annualizepost-liquition return follows:1.2051/3 − 1=6.41% 年化税后清算后回报计算如下。首先,计算期末投资组合价值。鉴于基金 A 过去三年的税后回报,期末投资组合价值计算为最终的税后投资组合价值 = (1 + 0.09) × (1 + 0.05) × (1 + 0.08) = 1.236。以这种方式复利的税后回报计算了分配税和已实现的资本收益,但不考虑任何unrealizecapitgains。清算时资本收益的假定纳税义务为最终价值的 2.5%,这是 10% 的内含收益和 25% 的资本收益税率的乘积。通过从最终税后投资组合价值中减去清算时的资本收益中的假定税负,得出 The portfolio value net of the unrealizegains tliability 1.236 ×(1-0.025) = 1.205。其次,计算年化清算后回报如下1.2051/3 − 1=6.41%

2023-11-08 02:48 1 · 回答

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2023-08-20 21:18 2 · 回答

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2023-08-05 21:36 1 · 回答

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2022-10-10 12:30 1 · 回答