标题: inflation and taxes [打印本页]

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作者: willsucceed    时间: 2011-7-11 19:58     标题: inflation and taxes

In return calculations, most cases they apply inflation on real after-tax return and then divide by 1 - T to get the pre-tax nominal return.

In 2009 CFAI q1 they divide the after-tax return by 1 - T to get the pre-tax return and then apply inflation to get the pre-tax nominal number.

Can anyone explain please?

Many thanks

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作者: liangfeng    时间: 2011-7-11 19:58

Now I know why. because there is a 20% tax on withdrawal from investment portfolio

never mind

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