NO.PZ2021090804000009
问题如下：
The private wealth management company ABC and its client Maggie discuss tax loss harvesting and tax lot accounting for one of Maggie’s accounts. Maggie has recently built a position in shares of MTT; Maggie’s purchase history is shown in the table below.
Now is 3 September 2021, and Maggie sells 100 shares. The current share price is $115.00. The tax rate for long-term holdings is 20%, and the tax rate for short-term holdings is 40%. A holding period of less than six months is considered short-term for tax purposes. Maggie has chosen HIFO (highest in, first out) as his tax lot accounting method.
Determine the tax lot that would be most tax efficient to sell given Maggie’s chosen tax lot accounting method. Calculate the tax liability/benefit from the sale.
解释：
Tax Lot B would be most tax efficient to
sell given Maggie’s chosen tax lot accounting method.
The formula to calculate tax liability/benefit is: Tax liability/Benefit = (Selling price − Acquisition price) × Tax rate × Number of shares.
HIFO is usually the most tax-efficient accounting methodology—since selecting the tax lot with the highest acquisition price will usually produce the smallest capital gain or the largest loss. So, under HIFO, Tax Lot B would be chosen, with an acquisition price of $126.00. Given that the shares were held more than six months (acquired on October 10, 2020, and the sale date is September 3, 2021), the long-term tax rate of 20% is applicable.
Tax under HIFO = ($115 − $126) × 0.2 × 100 = −$220 (tax loss or benefit)
1、讲义161页最后一句话什么意思，是说equity有long investment horizon的，要用TEA账户吗？可是老师上课不是说有长投资期的应该有tax 优惠，应该放taxable账户才对啊
2、P166例题
（1）例题的第一题，为什么taxable账户的税率是25%，TDA账户的税率是45%？题目表格中不是写45%是marginal income tax rate 吗，这个跟TDA有什么关系；25%不是capital gains tax rate吗，跟taxable 账户有什么关系
（2）例题的第二题P169的答案，为什么李老师说不能判断这500万是active 还是passive？而220万和480万却可以判断是active 还是passive？165页的表格中最后一列不是有税前税后收益吗，为什么不能用这个来直接比较
